Your question is a very good one. It is generally advisable to consider the tax rates and utility costs of a potential home. Too many people have purchased homes without thinking through the true costs of ownership and this is being reflected in our market today.
Generally your property tax can be estimated based on the Taxable Value established by the local tax assessor's office and the local millage rate. You can go to the website below to estimate your taxes using the Taxable Value (this is 1/2 or 50% of the market value). The result from this calculation is only an estimate. When a home is sold the Taxable Value is adjusted by the assessor's office taking into account not only the actual sale price, but other factors such as the neighborhood, location, and market conditions. If the house you are considering were to sell at $52,000 the Taxable Value would be 1/2 or $26,000 adjusted by the assessor as explained. If the Taxable Value were determined to be $26,000 the estimated taxes based on 2007 rates would be $1458. Given that the property is being sold as a foreclosure, the actual amount may be higher. On the other hand the fact that it was originally listed in July at close to $100,000 and has been continually reduced to the present asking price of $52,000 would suggest that the market value is not much higher.
It is interesting to note that the house sold for $250,000 in June of 2006.
Feel free to contact me directly if I can be of further assistance.
If the home is bank owned, the State of Michigan Property Tax estimator might not give you correct information. Rather than using half the asking price for the home on the website, you might try using half the SEV given in previous answers. http://www.michigan.gov/treasury/0%2C1607%2C7-121--82403--%2
Oakland County preliminary 2008 property tax assessments were published in October. Simply look up the city for rate(s) per 1000 dollars of value.
http://www.oakgov.com/equal/info_pub/apport_equal_rpt.html which may give you a different estimate.
This home currently has a state equalized value of 106,260.00. Lathrup Village's 2007 tax rates were 56.083.
This would calculate to 5959.38 for the year. Lathrup Village does not have separate "homestead" and "Non-homestead" rates.
The home currently listed at $52,000.
I have represented several buyers in purchases of bank-owned and government-owned properties.
Give me a call if I could be of any assistance.
That house is bank owned, so there is really no way to know what the utility bills were in the past. The previous owner paid $215,000 for it in 2003!
Nobody can guarantee what your taxes will be next year. They look like they are currently slightly lower than is being reported on the listing ticket. Tax: Sum: $5,159 Win: $1,224. Could go down next spring, but no guarantees on that.
If you don't have an agent, I would be happy to help you with that house.