Re: O.T. Property Tax Accessment

Posted by Easy on March 08, 2005 at 22:50:17 from (198.208.159.14):

In Reply to: O.T. Property Tax Accessment posted by Frank (N.Mi.) on March 08, 2005 at 16:48:11:

I noticed the same thing. I think what has changed is the inflation index. The property tax increase is limited to the rate of inflation or 5%, whichever is less. For several years my property tax did not go up hardly at all, since inflation was so low. But now that the feds are running big deficits, the inflation is coming back, pushing up the local taxes. You are like me, we have been living in the same house for 20 years, so we have made out ok on taxes, so far. When the tax change was passed in 1994, my taxes dropped by over 50%! They still haven't come back to where they were. However, if I was to sell my property, the new owner would have a much higher tax basis. I talked to a real estate agent and he called this the "pop up". It is getting to be a real problem, because 2 people with identical properties can be paying wildly different taxes. In some cases 50 - 100%. Although I benefited from this, I don't think it was real well thought out. The alternative was an increase in income taxes, or a combination of tax increases. If inflation keeps going up, it will increase taxes for most people far faster than wages, since most people's property is worth more than thier annual income. Since inflation tends to run at a given level for years, it could really rip us in the future. One interesting thing I found too - the state tells the township how much the property in the township is worth, and how much in taxes the must get. So if you appeal, and your taxes go down, somebody else gets hosed. I.E. a zero sum game. Easy, Mid Michigan.

Follow Ups:

Post a Followup Name: E-Mail: Subject: Comments: Optional Link URL: Link Title: Optional Image URL: Email Notification: If you check this box, email will be sent to you whenever someone replies to this message. Your email address must be entered above to receive notification. This notification will be cancelled automatically after 2 weeks.

TRACTOR PARTS	TRACTOR MANUALS

We sell tractor parts!  We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]