Updated about 9 years ago on . Most recent reply
How to research non-homestead taxes
Hi everyone,
I'm looking to start purchasing some rental properties in the coming up months. The price hike between homestead and non-homestead taxes can be quite huge in some areas of Michigan. I'm running the numbers on some potential rentals and would like to know how to find out what the taxes will be city by city?
I'm assuming call the city? What department do I ask for and what information do I need?
Most Popular Reply
Homestead exemption reduces the overall rate by 18.000 mils across the board in Michigan.
Make sure you use the taxable value when calculating approximate taxes instead of the SEV. This is given on the county assessor websites for each property.
Another thing to consider about the taxable value in the near future after buying a property is a possible increase. If the property was last sold for a significantly lower amount, the county could raise the value that they tax. This has happened to me on one of my properties, luckily the increase was not that large.