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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Sonia, Home Buyer,
Fri Jul 17, 2009
I went to the website suggested by Cindy and it asks me to enter SEV?

Any one know what that means?
0 votes
John Gitre, Agent, Canton, OH
Thu Jun 11, 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
Cindy S. Yas…, , 48168
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
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