Re: OT Any mortgage smarts people out there?

Posted by rrlund on August 11, 2007 at 13:26:43 from (216.46.209.8):

In Reply to: Re: OT Any mortgage smarts people out there? posted by midwest redneck on August 11, 2007 at 08:39:49:

We passed a ballot proposal here in Michigan in 1994 that capped our property tax increases to the rate of inflation or 5% whichever is less. We have a State Equalized Value in addition to our Taxable value. For all intent and purposes,that value floats and doesn't affect our taxes. Since the S.E.V.has always gone up until the recent total colapse of the economy here,it has been a bargain to have taxes capped at a maximum 5% increase. Since the taxable value can't be higher than the S.E.V. when the equalized value finally drops below the taxable value,your property tax will go down.
As for why the lender wants to lend on the house and 5 acres,not the whole farm is probably because of the definition of "homestead" and the fact that most lenders won't lend more than 60% of the value of vacant land.
I still say though,that as bad as things are here in Michigan,ain't it great to see an end to urban sprawl! My brother is in the excavating business and has been tearing down a lot more houses and business's than he has been digging basements and doing site prep work. Sorry Louis,I had to say it.

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