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Wendy Valko

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2/15/2010 Michigan Property Tax Calculation

Michigan Property Tax Calculation  

Every February, a very important Notice of Assessment, Taxable Valuation, and Property Classification is mailed out to every property owner for their review.  Please review this notice and if you have any questions or concerns, now is the time to contact your local municipality because this can only be contested once per year and is usually in March.

Upon receiving my own notice and speaking with many others, our taxable values have been reduced for 2010.  This means that our annual property tax will reduce as long as our millage rate does not increase.

Main Factors Involved in Calculating the MI Property Taxes:

1. Millage Rate
   Two Types - Homestead or Non Homestead 

Each City/Township/Village has their own property tax that is based on the  local millage rate. The millage rate is "the rate that is charged to the homeowner for some of the following local  expenses"  ie.  Library, Fire, Policy, Schools, County, Parks&Rec and Special Assessments.

The State of Michigan gives a property tax discount on your primary home. This discount is called the "Homestead Millage Rate".  If you already own a primary home in Michigan and    purchase a 2nd home then we have the "Non Homestead Millage Rate" that is not discounted.

 2.    Taxable Value of the Property

Example: 

A Milford MI home for sale within the Village of Milford and Huron Valley School District with an asking price of $120,000.00 has a taxable value of $70,000.00. 

Milford MI homestead millage rate =  36.2132
Taxable Value x Millage Rate / 1,000 = Annual Property Tax
$70,000.00 x 36.2132 / 1,000.00 = $2,534.92 would be the annual taxes that on said property.



Michigan Property Taxes are due to the municipalities on a semi-annual basis of Summer
(due by 9-14-2009) and Winter (due by February 14th).  The summer bill is the larger of the two payments because this is when the municipalities collect for the schools. 
Read More 

2008 List of Millage Rates
2009 yet to be released 

Pass me on if you know of anyone else that could benefit from my professional Real Estate assistance.

Wendy Valko, CDPE

Direct:  248-762-5290
Fax:  888-833-2292

Web-Site:  http://www.LiveInMI.com 
Email:    wendyvalko@remax.net

Your Caring Local Realtor®,
Working Hard For You!
1/5/2010 Milford Michigan - A Beautiful Friendly Community!

Never Leave Your Vacant Car Running!

Let's not give anyone the opportunity to corrupt our community verbally or physically.

I was just reading about a man that left his car running while going into a Milford Michigan Gas station and coming out to discover it was gone.

Let's think about this!

Read full article

11/2/2009 Milford MI - New solicitation Ordinance?

Milford MI - New Soliciting License Requirement

A new solicitation ordinance has been presented to Milford MI Board of Trustees recently that requires any street vendor, solicitor, peddler, transient merchant, or charitable solicitor to purchase a license from The Village of Milford.

Read the full article

 

 

Do we really think that by making honest ones register (put their personal information on an index card) it will keep the dishonest ones away?

 

Eagerly looking forward to all of your opinions on this

 

Cordially,

Wendy Valko, CDPE

Certified Distressed Property Expert

 

Pass me on - If you know of anyone that could benefit from my Professional Real Estate assistance, do not keep this information to yourself! 

 
10/12/2009 25th Annual Milford MI Car Show

25th Annual Milford MI Car Show
September 20, 2009
Main Street
Milford, MI  48381

 

 Another Wonderful Event!  It is hard to believe that this has been held on Main Street for 25 years in a row. 

Read more:  http://activerain.com/blogs/wvalko

Dont forget to bookmark and subscribe to the RSS feeds for updates to Wendy's Milford MI Blogs as they are posted.

 

 
8/30/2009 MILFORD, MI OPEN HOUSE - AUGUST 30, 2009 1:00 - 4:00 PM

COME ON IN AND VIEW THIS LOVELY HOME WITHIN THE VILLAGE OF MILFORD.

886 PANORAMA DR., MILFORD, MI  48381   

OPEN HOUSE:    8-30-2009   1:00 - 4:00 PM

FOR MORE INFORMATION ON THIS OR ANY OTHER MILFORD, MI REAL ESTATE YOU MAY ALWAYS VISIT MY WEBSITE AT WWW.LIVEINMI.COM OR CONTACT ME DIRECTLY AT 248-762-5290

YOUR CARING MILFORD REALTOR®,


Read Wendy's other blog on Active Rain

WENDY VALKO

What's my Milford MI home worth?    Request Mortgage Pre-Approval 

Search for homes in Milford MI or within Huron Valley School District
6/28/2009 Short Sales are helping
As the economy in Michigan is nothing less than amazing.  Short sales are an alternative to having a foreclosure.  This means that the properties current lender allows for a discounted payoff of the existing mortgage. Should you know anyone having sever financial difficulties or must relocate for employment, please have them contact me.  Together we can review the current situation and determine if requirements are met.  We will review all options that are available.  Many do not know that a foreclosure on ones record will effect many things in your life.  For instance, future insurance rates (home and auto) and future employment.  Should your profession require any type of security clearance, a foreclosure may jepordize this.  Please the take time to understand your options.  Bruising ones credit tends to be much better than shredding it!  On the other side of this, when looking for a home to purchase, know that short sales are priced very competitvely and the property is still in great shape!
12/7/2008 Property Taxes Still Rising
Why Are Property Taxes Still Rising?

Property taxes continue to rise across the country, despite steep declines in home values.

Property tax collections across the United States rose 3.1 percent this year, according to the U.S. Bureau of Economic Analysis (BEA). That means state and local governments will collect more than $400 billion in property taxes this year—a record amount.

Most states have caps that prevent taxes from rising rapidly in boom times. The same laws keep taxes from plummeting when home values decline.

"Property taxes aren't always popular, but they are a very stable tax, even in tough times," says Thomas Gentzel, executive director of the Pennsylvania School Board Association.

Source: USA Today, Dennis Cauchon (12/04/08)


Have you ever wondered why property taxes rise when the property value is declining? 
Now ask yourself this..... Name any city, township or village that is spending less money than they are actually receiving? 


Read more on Wendy's thoughts  http://activerain.com/blogs/wvalko
11/10/2008 Forecloser's: Owners List Price vs. Buyers offer
Government Assistance Program to the Lending Institutions:  Does this affect the buyer's negotiating power on foreclosed properties?

Most people that are considering a move in the near future are in the mind set that  "in today's market, with the abundance of foreclosed properties, "the owner's (Banks) should be wanting to get rid of them and they should be willing to take whatever I want to offer.""!

I am here to tell you that this is far from the truth.

Don't get me wrong, once in a while we can get an extraordinary deal.  But, on an average at this time, the owner's (Banks) are sticking pretty close to their already discounted asking price.
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