Livonia Michigan is one city the is very close on the values of property taxes. The State equalized values and taxable values are not that far off. Not like Detroit or some other cities in South Eastern Michigan. I see taxes in many cities and I see how little some cities are reducing the taxes. Even though the home values have dropped dramatically the cities are trying to hold on to the tax revenue.
My own personal Livonia property taxes dropped 17% this year. That is great. I recently read that 63% of the cities revenues come from property taxes. So these drops in Livonia property tax assessment is hurting the cities financial coffers. And it is the same around the Metro Detroit area. Farmington Hills, Canton, and Northville real estate are all affecting the cities revenues.
Good for the tax payer but tough on city services.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Good for the tax payer but tough on city services. You said it so well.
Russ:
Has your property assessment declined by 17% for 2010 or do you know in fact that the real estate taxes that you will pay during this year will be 17% less than what you paid in 2009? While I don't live in Michigan any longer, I worked in assessment administration for 13 years (a majority of the time as the City Assessor for Midland, MI).
I've seen news that notices of assessment for 2010 have been sent to property owners, however real estate tax rates have typically been set by cities and counties in May with taxes billed after the rate is set. If the real estate tax rates (or sometimes called millage rates) haven't been set yet I would advise your readers to contact their city council or board of supervisors about the budget process that includes when a public hearing will be held on tax rates and a millage rate adopted.