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| Tax Assessments; Did you get yours? | |
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| Tweet Topic Started: Feb 21 2008, 05:48 PM (1,285 Views) | |
| Deleted User | Feb 21 2008, 05:48 PM Post #1 |
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How did your tax assesment come out this year? Ours came today, and our taxable value was down 10k this year. |
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| Nikki | Feb 21 2008, 05:50 PM Post #2 |
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Down by $15,000. |
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| djk | Feb 21 2008, 06:52 PM Post #3 |
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Our taxable value went up by $2,600, but the SEV (and assessed value) went down by $14,400. |
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| Nikki | Feb 21 2008, 07:00 PM Post #4 |
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My taxable, assessed and state equalized value were all down by the same amount. |
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| kristin | Feb 21 2008, 07:51 PM Post #5 |
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Mine was that way too. So what does this mean? How does the taxable go up but the value go down? |
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| For4 | Feb 21 2008, 08:55 PM Post #6 |
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Our assessed value went down by almost $13,000 but our taxable value went up by $1,600. So while we know we have easily lost over $25,000 in value on our house this past year, it looks like our taxes may actually go up. We've lived in our house 9 years. Is anybody else's State Equalized Value blank? I went to the city's website and didn't find any useful information. |
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| Al Beabak | Feb 21 2008, 09:01 PM Post #7 |
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Taxes up 1260, market value down 12,000. I spoke with some others in communities all over the metro area and it's the same all over the place. |
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| LPS Reformer | Feb 21 2008, 09:05 PM Post #8 |
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The schools exist to educate, not employ.
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How do they compute these numbers? |
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“Child Abuse” means different things to different people.... ----Randy Liepa 8/9/12 | |
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| George | Feb 21 2008, 09:17 PM Post #9 |
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The SEV is multiplied by 2 to 2.5 to get an approximate value of your home. So if your SEV had declined by 12000, then the value of your home declined by approximately 24,000.00. It's a scary thing......... |
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| Deleted User | Feb 21 2008, 09:21 PM Post #10 |
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Our assessed value and taxable value both went down about 14,000. |
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| Extra Olives | Feb 21 2008, 11:02 PM Post #11 |
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Ours is down 16K. I'm sick. |
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| shamu | Feb 21 2008, 11:13 PM Post #12 |
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ours is down $19,000!!! |
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| Rocky | Feb 21 2008, 11:48 PM Post #13 |
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This really shouldn't surprise anyone. The declining assessment values and related taxable value is just an acknowledgment of what we have all known for the past two or three years - that home prices have been going down. I'm glad to see the assessor showing a realistic change and glad to pay less on property taxes for the coming year as a result. Had the assessments not changed downward, the Board of Review would've been bombarded by homeowners demanding that their assessments be lowered. Paying less property tax is not a bad thing, it's more money in your pocket. I'd expect to see people moan when their taxes go up, not when they go down. |
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| kristin | Feb 22 2008, 08:04 AM Post #14 |
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But how can the taxable value go up but the assessed value go down?
So now my TAXABLE value is higher than my ASSESED value??? |
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| Micki | Feb 22 2008, 09:24 AM Post #15 |
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I love teaching.
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Those of us that want to move are unhappy with the decline. |
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| Al Beabak | Feb 22 2008, 10:33 AM Post #16 |
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In all reality, homes in SE michigan have generally been overvalued due to the market boom back in the 90's. I know the value of my home went up so quickly although there was nothing that made it any more desireable year after year during those increases. It's now catching up with everyone all over SE Michigan. Just think about those who bought a few years ago and paid top dollar for homes in Canton, Novi, or any of those other rapidly developing communities that were oh-so desireable then. They have to be smarting now due to the very little equity they probably have and the drop in values + increases in taxes. |
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| kristin | Feb 22 2008, 10:40 AM Post #17 |
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The tax crap is from PROPOSAL A which was voted in about 10 years ago (michigan) when the economy was good. This allowed tax to go up with the cost of living...2.7% last year. So ultimately this sucks in our bad economy, but worked when we bought our houses. If you've been in your house more than 5 years you're screwed ( I am too). If less than 5 yrs you can fight it. Or if youre a new buyer, your taxes are based on the value, which would be fair. The people (us) voted at the time that PROPOSAL A was a good idea .... never thinking our economy would take such a dive. Very scarry. |
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| Al Beabak | Feb 22 2008, 10:53 AM Post #18 |
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Proposal A was never a good idea. Between that & the Headlee amendment it hog tied school districts and cites/townships from controlling their own revenue, that's never a good idea. At the time folks were given on the "my taxes are going to go down" sales pitch never realizing that economies are cyclic and there was a complete other end of that cycle that would someday become reality. That someday is upon us now. |
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| IlikeLIvonia | Feb 22 2008, 12:59 PM Post #19 |
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Veteran
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To calculate your taxes for 2008: taxable value X 0.33882=? If there has been a decrease in your taxable value, the school district will receive less $$$$. |
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| Rocky | Feb 22 2008, 01:15 PM Post #20 |
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I'm sure you are. The point is that the declining assessment has no bearing on the fact that your home value is dropping, it is the result of it. The reason your home value is dropping is due to market conditions. There never was any guarantee that your house was going to keep going up in price forever. No one likes losing money on something they purchase but they do it every day with cars, TV's, computers and everything else that loses half of its value the moment you take it home. The reason the taxable value for some people has gone up even though the assessed value has gone down is because taxable value is capped to increase at the rate of inflation up to the assessed value. Each year, because of the cap, those two values have spread further and further apart, benefiting you by not having your property taxes increase at the same rate that your property value was increasing. Now that property values are declining, that spread is getting smaller until those two numbers are even with each other. If you don't feel that the assessed value is accurate, you can go to the Board of Review and present a case to have that value adjusted. Oddly enough, no one seemed to do that when they were rated lower than the price homes were really selling for. |
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