Budget Booster Tip: Get your property taxes reviewed and see if you are paying too much!

With the drop in property values in the past few years you may qualify to save some money on your property taxes. A homes taxable value is supposed to be approximately 50% of the fair market value in the State of Michigan. Depending on when you purchased, the yearly savings could be significant. The hard part is assessing what the fair market value is for your property. First question everyone has is, do foreclosures count as comparable that can be used in evaluating my house? Here are the guidelines directly out of a memo from the State to assessors for use this year in determining taxable value.

In my interpetation I would take this that Foreclosed properties are going to be allowed this year. Looking through the criteria most reo transactions contains most or all the 5 points listed. The only caviaut I would give is based on the condition of the property. If you are going to use foreclosed properties, be ready to give points and adjustments on the difference in condition of the subject home (yours) and the foreclosed property being used as the comparable. I will be posting more information on property tax assessments as we get closer to the property tax reviews in the second week in March. I will also be providing a service this year of handling property tax reviews for a fee. If you are interested in seeing if you have a case, email me at brent@taforsberg.com or call 517.349.9330 x206. I would be happy to schedule a complimentary sit down meeting at my office.

International Builders Show Full of Engery

I am out here in Las Vegas at the end of the first day of the International Builders Show. I will be speaking tomorrow on how to get rid of existing homes and Thursday about foreclosures. Despite the building industry still in a slump nation wide. The economic forecast is showing signs that the proverbial spring has begun and markets are stabilized in a lot of states and there may be some growth this year. Energy seems good at the conference so hopefully there are good things in store for the new home industry this year!