If it's a bank owned property it's most likely based on non-homestead tax rate. Which is higher than homestead rates. If you'll give me the address I can check the property for you and let you know.
Karen Paytas, GRI, CMS
Real Living Kee Realty
Also, the tax assessment determines the property tax on each property.
The Michigan property tax system is the assessment process by which a property's value is determined. It is regulated by Michigan law.
According to state law, all cities employ a state-certified assessor to discover, list and evaluate all properties within its jurisdiction. The assessor then determines a professional estimate of the fair market or "true cash" value for all real and personal property located within the municipal boundaries.
The assessor does not create value. Value is determined by the market. The assessor studies the sales transactions of the real estate market and appraises all property on the basis of: 1) market trends, 2) Tax Commission guidelines, and 3) state law.
Assessed and State Equalized values can equal the same value. State Equalized Values represent 50% of True Cash Value. These values are determined by market conditions and may increase or decrease accordingly. Taxable Value may be different from the first two values and is affected by Proposal A. It is the Taxable Value, however, that determines the property tax when multiplied by the applicable millage rate
For your real estate questions, contact
Cell (248) 931-0084
REAL ESTATE AND FINANCE IN ONE
34 S. Telegraph Rd
Waterford, MI 48328
Office (248) 886-0000