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FALLING VALUES, RISING TAXES
Wednesday, September 22, 2010

Typically, in the month of March homeowners will receive notices of assessments.  Those who have owned their home for longer periods will discover that even though the State Equalized Value (S.E.V.) has declined, the Taxable Value may have risen.  The effect will be an increase in their property taxes.  This anomaly occurs because of the gap between the Taxable Value and the S.E.V.  The Taxable Value has been limited by Proposal A, enacted by Michigan voters in 1994.  The taxes are calculated by multiplying the millage rates by the Taxable Value.  Until the S.E.V. falls to the level of the Taxable Value or less, falling values will not impact the tax calculation.
 
Homeowners can appeal the assessment.  Until they can demonstrate that the S.E.V. should be lowered to an amount lower than the Taxable Value, their appeal will likely NOT lower their tax bill.  The exclusive means of appealing the assessment is through the Michigan Tax Tribunal.  For residential and agricultural properties, the owners must first challenge the assessment at the local Board of Review.  Some communities also have an informal assessors review.  Decisions by the local board of Review are due by June 1 and the filing deadline for appeals to the Tax Tribunal is July 31.
 
Those appearing for the Board of Review should collect information about sales of comparable homes in their neighborhood.  If the address of the property is known, information about the sale may be available at the Register of Deeds.  The local assessors office also has information about such sales.  There is a debate about the use of ‘distressed’ sales, but such information may be used and with such a large share of the market being dominated by foreclosures they should be presented.  Please remember to be courteous to board members who have a difficult job and are giving their time to an unpleasant task.

Support Information
Saturday, October 23, 2010
HOMEOWNERS DUTIES EXPANDED
Thursday, October 21, 2010
OIL & GAS LEASES
Thursday, October 21, 2010
NEW LANDLORDS
Sunday, October 17, 2010
RECREATIONAL TRESPASS
Saturday, October 16, 2010
LITTORAL OR RIPARIAN
Friday, October 15, 2010
REDUCTION OF HOMESTEAD EXCLUSION
Wednesday, October 6, 2010
ENFORCEMENT OF LAND CONTRACTS
Monday, October 4, 2010
UTILITY EASEMENT COMPELLED OVER DRIVEWAY
Wednesday, September 29, 2010
HOMESTEAD EXEMPTION FOR SECOND HOME
Monday, September 27, 2010
CHANGES IN TITLE INSURANCE
Sunday, September 26, 2010
REDEMPTION PERIODS
Sunday, September 26, 2010
LANDLORD’S DUTIES
Wednesday, September 22, 2010
FALLING VALUES, RISING TAXES
Saturday, September 18, 2010
INADVERTENT UNCAPPING OF PROPERTY TAXES
Friday, September 17, 2010
TRUST FOR MINOR CHILDREN
Thursday, September 16, 2010
JOINT REAL ESTATE DEEDS TO ‘AVOID PROBATE’
Monday, September 13, 2010
CONTENTIOUS CHARITY
Wednesday, September 8, 2010
TRANSFER TAX RELIEF
Monday, September 6, 2010
DESIGNATION OF PATIENT ADVOCATE
Saturday, September 4, 2010
TESTAMENTARY TRUSTS
Thursday, September 2, 2010
USE OF DURABLE POWER OF ATTORNEY FORMS
Sunday, August 29, 2010
TESTAMENTARY TRUST FOR PET CARE
Friday, August 27, 2010
WHAT ARE THE COSTS OF PROBATE
Thursday, August 26, 2010
GUARDIANS & CONSERVATORS
Wednesday, August 25, 2010
FEDERAL RELIEF PROGRAM
Sunday, August 22, 2010
MORTGAGE GUILT FACTOR
Monday, August 16, 2010
TENANTS OF FORECLOSED PROPERTY
Tuesday, August 10, 2010
EFFECT OF FORECLOSURE SALE
Thursday, August 5, 2010
DEEDS IN LIEU OF FORECLOSURE
Thursday, July 22, 2010
PROPERTY ABANDONMENT
Monday, July 19, 2010
SHORT SALE RELIEF FROM UPSIDE DOWN MORTGAGE
Tuesday, June 15, 2010
MANDATORY LOAN MODIFICATIONS
Thursday, June 10, 2010
CITY LIABLE FOR FLOODING
Friday, June 4, 2010
NON-DISCHARGEABLE CREDIT
Friday, June 4, 2010
PROTECTED ASSETS
Friday, June 5, 2009
CHILD’S MARIJUANA RISKS PARENT’S HOME
ENFORCEMENT OF LAND CONTRACTS
GROWING USE OF MEDIATION
HOMEOWNERS DUTIES EXPANDED
LITTORAL OR RIPARIAN
RESPONDING TO THE U.S. CENSUS
Contact Us at: (248) 693-6245    436 S. Broadway, Suite C, Lake Orion, MI 48362                                 © Copyright 2008 James R. Porritt, Jr. All Rights Reserved.
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