Thijsvd, Home Buyer in Michigan-Martin, Det...

Buying a house in Detriot, rules

Asked by Thijsvd, Michigan-Martin, Detroit, MI Thu Jun 11, 2009

Hey i'm curious wat are the rules about buying a house in detroit, I'm an investor who lives overseas and was wondering what the rules where, when i buy a house do i also buy the land where the house is on? or is this coverments prop? what is the tax rate ? do i have to pay something extra ?

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I went to the website suggested by Cindy and it asks me to enter SEV?

Any one know what that means?
0 votes Thank Flag Link Fri Jul 17, 2009
T, there is more to buying a home in Detroit and the surrounding areas, especially for investors. Yes you do get the land that the home sits on excepting some condominium homes. The steps you would have to go through are too lengthy to discuss here. I am currently working with overseas investors such as yourself. You may contact me through my Trulia profile if I can answer any further questions
Thank you and good luck. There are some great opportunities here.
0 votes Thank Flag Link Thu Jun 11, 2009
Yes, typically you would own the land. Tax rates vary depending on the county. Detroit is in Wayne County and their tax rate is 65.63 for a Homestead (primary residence) 83.63 for non-Homestead. These are 2007 millage rates. You can use the Michigan.gov website for more tax information and that link is:
https://treas-secure.state.mi.us/ptestimator/PTEstimator.asp
0 votes Thank Flag Link Thu Jun 11, 2009
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