Property taxes after home purchase
I'm looking at a home listed for $154,900. The current taxable value is $83,043 and the SEV is $88,000. Let's say the purchase price is actually $145k; how are the resulting property taxes calculated? The new SEV in this instance would be $72,500 and I've seen it explained where the taxable value cannot be any higher than the SEV. However, would the first year taxes actually be calculated on the previous SEV of $88k?
Saucehead, (interesting name)
I have access to Berrien County public records but would need the homes address to look up 2008 values.
The State of Michigan provides information about this and a Property Tax Estimator on the Treasury website. http://www.michigan.gov/taxes/0,1607,7-238-43535_43540---,00.html
The information includes a video and more.
To obtain 2009 SEV and TV for this property, I suggest calling the local government Assessors Office.
It is accurate that the Taxable Value can not exceed the SEV, however the community in which you purchase can deem the new SEV and Taxable Value (as they will likely match one another), to be GREATER than 50% of the sales price. That is determined by True Cash Value, not the sales price.
Upon sale, the TV will revert to the current SEV, regardless of sale price. If the property has excessive damage, you may be able to contact the local assessor and they may make an adjustment. I did an email summary explaining how taxes are calculated; let me know and I'd be glad to send it to you...
Regards,
Brian Luck
Keller Williams Realty
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