The 2009 summer property tax bills will be arriving in the mailbox (or, to
your mortgage lenders mailbox.)
If you are considering purchasing a home please keep in mind that many homes have had property tax reductions due to lower property values, but many have also had their homestead exemptions stripped. (Foreclosures,
abandoned homes, etc.)
It is extremely important that you contact the city or township assessors office prior to writing an offer on your home to ask for the current (2009) homestead status as well as the current (2009) assessed & taxable values.
Too many people are relying on the listing agents 2008 information that is stated on the informational sheet of the home and not verifying the 2009 property tax status. Inaccurate information can cost you a great deal of money after your purchase, or worse, your being unable to purchase the home
because of higher than reported property taxes.
Please verify the 2009 property tax status with the city or township assessors office.
Kris Wales - A partner for your real estate needs in Macomb County MI
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2 responses so far ↓
1 Brian Powers // May 26, 2009 at 8:11 pm
Great point Kris! Especially if a buyer is buying at the high end of their approved amount. Inaccurate property tax data could kill the deal at the 11th hour before closing.
2 Kris Wales // Jun 7, 2009 at 8:27 am
Brian, I’ve called a couple of cities this past week and taxes did indeed revert to non-homestead status in some cases.
It normally equates to an approximately 30-40% increase in the “posted” taxes from the listing agents.
That’s a big chunk of money, especially for first time home buyers!
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