Chris

"Mortgage Professional"

I'm a:	Real Estate Professional
Company:	Ross Mortgage
Location:	Clinton Township
Phone:	(586) 464-0803

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Question about non-homestead taxes

Asked Mon Jul 21 2008, 07:11 by Julie - Royal Oak - Home Selling - 5 answers

Chris answered:

Julie,
Unless your Realtor builds it into the purchase agreement, your prorations will be based on the rate as currently billed. However, If you have escrows set up (your taxes and insurance are included in your payment), your lender may base the escrows on the homesteaded rate. In some cases, the payment would be significantly affected. If you feel that even the homestead rate is too high, you may go before the "tax tribunal" which allows homeowners to dispute their taxable values. You would need to check with the municipality for the appropriate date. If you are asking for concessions and the seller waives the prorations, please consult your lender as some will deduct the portion of taxes waived from the total concessions.
Thanks,
Chris Ervin
cervin@rossmortgage.com - Mon Jul 21 2008, 15:35

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