Foreclosure in 48025>Question Details

Allstylequeen, Home Buyer in 48025

want to buy a foreclosed house, listing price is $80k but taxes are $4k! Looks like they are non-homestead taxes... Can we get property taxes reduced?

Asked by Allstylequeen, 48025 Sat Feb 5, 2011

Other homes in the area are between $100-$250k but I can't imagine that would make the taxes so high...

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Answers

4
When a bank takes a property back through foreclosure the house loses it's homestead and the taxes increase. Once you own the house you can appeal the taxes but the local taxing authorities only give you a small window of opportunity, typically only a couple of weeks, once a year and for most that time has passed so you'll have to wait until next year to appeal. There are several good tax appeal companies and law firms that charge reasonable fees to work through the appeal process, I wouldn't advise trying to do this yourself, leave it to the experts. I've had clients cut their taxes in half after the appeal.

Trent Dalrymple
Metro Mortgage Investments
Michigan Private Mortgage Lenders
26711 Woodward Ave., #301
Huntington Woods, MI 48070
(248) 547-3006
Web Reference: http://www.metro-mi.com
0 votes Thank Flag Link Sat Mar 23, 2013
Did you find your answer ? Can I be of future help ?
0 votes Thank Flag Link Tue Jul 12, 2011
good morning....the township can tell you if they are homesteaded or not...also..the tax proration and escrows (if you will have escrows & a mortgage) will be figured on non-homestead if that's what they currently are..once you file your homestead affidavit...they will be lowered....some townships honor them sooner than others..also..if you are qualifying for a mortgage, and planning on living in the home, the non-homestead taxes is what will be used to figure debt ratio...
hope that helps..
bob mcclure
mortgage one
NMLS# 162592
0 votes Thank Flag Link Sun Feb 6, 2011
If you are buying AFTER the commissioner's sale, the taxes should be wiped out by the foreclosure. If you are buying AT the commissioner's sale, you are probably stuck with whatever is owed. Have a title company run a search before bidding on this property at auction. Some will do this for a reduced price for investors making multiple offers/bids/searches.

The taxes could span many years with interest.

Good Luck!
Mark Atteberry, Expert Louisville Realtor
0 votes Thank Flag Link Sat Feb 5, 2011
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