A significant part of any move, relocation, addition of 2nd home, or estate plan involves taxes; income taxes & property taxes for starters. Hence, below is a primer how to not accidentally double your property tax bill, or conversely, overpay if not need be. Definitions: Principle residence: Plan to return after ‘short absences’. Assessor will … More Michigan Principal Residence Exemption
According the Detroit News, there is a large inequity from property to property. This is true in most large cities in MI. Further, the local board of review personnel often doesn’t know how to or refuses to assist you, the taxpayer they work for, in the process. The article leaves out important details of interpretation. […]
According the Detroit News, there is a large inequity from property to property. This is true in most large cities in MI. Further, the local board of review personnel often doesn’t know how to or refuses to assist you, the taxpayer they work for, in the process. The article leaves out important details of interpretation. … More Local large city property taxes are often far over assessed.
Homeowners who are selling their homes, but moved into another home elsewhere in the State, get to have two principal resident exemptions. …the St of MI Act provides that an owner may retain an exemption for up to 3 tax years on property previously exempt as principal residence if that property: • is not occupied; … More Two Simultaneous Principal Residence Exemptions
SEV DROP: Crazy but true. We’ve been filing for refunds when sellers have a: Lower SEV when they sold than when they bought Sell for less than or equal to: Actual Cash Value ( ACV is SEV X 2 in most locations – sell for more and no refund available) Home has always been homestead/main … More I smell REFUND ! ( for SEV drop or multiple residences )
On 12/22 Granholm vetoed MAR-supported legislation aimed at getting the housing market moving. Senate bill 77, passed both the House and Senate in the last days of the 2010 session, allowed foreclosed properties to retain their principal residence exemption for a period of up to 3 years. The bill was seen as a stepping stone … More principal residence exemption veto
http://www.oakgov.com/treasurer/del_prop/landsale.html Call us if you’d like representation in bidding &/or purchase, rehab, tax or landlord consulting. SALE #1: The land sale is the first offering of these parcels at a live auction which is held in the Oakland County Commissioner’s Auditorium. It is the second Tuesday of August at 10:00 a.m. SALE #2: Per State … More Oakland Co. Tax Foreclosure Sales
Genesee county handles tax foreclosures a bit differently than other counties. See the Land Bank site for a bit more info. Tax Law Comparison Chart Former Foreclosure Law • 4-7 year process • No clear title • Hundreds of owners • Low-end speculation • Indiscriminate foreclosure •• homeowners at risk • Contagious blight New Tax … More Tax Auction Buyers…call us for “whats next” consultation.
Step 1, look at the list of offerings… http://www.michigan.gov/taxes/0,1607,7-238-43535_55601_55604—,00.html #2: look up the property online/ local gov’t office/ physically inspect in person #3: review the FAQ’s then go bid – OR send us on your behalf. Subdivision plat maps for the entire state are available via the Department of Energy, Labor and Economic Growth (DELEG) … More Tax Auction Sales coming up, Call if you need a rep!