What Will This Property Cost Me?

 Everybody is always asking me how much I think the taxes will be after they purchase their property.  I can never say for certain because I don't know what value the assessor will put on the property, or what the millage rates will be next year.  However there is a tool I use that is very useful.  The Michigan Property Tax Estimator lets you put in an estimated taxable value and you can select the county, township and school district of the property.  It uses relatively recent millage rates and calculates homestead and non-homestead taxes. 

 

 

    To be safe, I usually like to know the "worst case scenario".  So if the property is for sale for $100,000, You would enter in $50,000 as the potential taxable value  (taxable value is about 50% of the assessed value).  If you don't know the county, township, and school district, just send me the MLS# here, and I'll find out for you.  The homestead tax estimation is if you will be claiming the property to be your primary residence, and the non-homestead estimation is if it is vacant land or a seasonal home.  None of this is exact, but it should get you a very close estimate of what you could end up paying for a tax.  So simply go to

https://treas-secure.state.mi.us/ptestimator/ptestimator.asp and you'll be armed with more knowledge!

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