When buying a house, its incumbent on you to do your "do diligence". I've purchased more than 1 house and I can tell you it's not that hard to get this information prior to even making an offer on a house let alone closing on it.
@@lowermichigan4437 Sure, that sounds right but that information isn't available until the house is sold. What's on the ledgers at the time of sale is the rate to be satisfied at closing. The new tax rate for a particular home isn't established until it's sold. Then, whatever the house sold for is a factor in the new tax figure. Those numbers aren't available until paperwork on the transfer of title reaches the municipality & they in turn levy the new tax rate on the home. The closest you could come is using a formula & guess what it might become & then decide whether or not you still want to buy.
@@peach495 yeb, it's magic. No one know what the taxes will be. New owners will be under the mercy of the city. Why can't they lock the taxes at the closing? I think this is misleading.
@@alialrikabi5546 Did or din't you read my second post outlining how the new tax rate is established? I thought it pretty clear & demonstrates why they can't lock the tax at closing.
This has been the law since 1994. How is this a surprise? Just bought a home in 2018. Don't think the bank accounted for this in the escrow but you better believe we were aware of it.
The idea I think most of them have is "they will tax people richer than me". Today most taxation is just legalized organized crime. Not all of it, I'm not an anarchist, but far too much of it.
@@franklinauguste415 In regards to property taxes, please point out in which Republican areas where they fleece the citizens like this. An example. This problem is exclusively in Democrat areas.
@@ladycatfish2896 houses in Republican areas of Michigan aren't increasing in value as drastically because people don't want to live there. The uncapping issues was create by legislation crafted by Republicans in 1993 then voted into law by the public in 1994.
Please vote to remove property taxes in michigan. A woman in West michigan is working to eliminate michigan property tax. Please join and support her. We need to eliminate the source of corruption. Politicians are dividing us so they can pocket taxpayers' money.
The voters need to put someone in office that will spend the tax money in a thrifty way. If you get rid of the puff taxes could be brought down. The voters are responsible. $21,000 yearly taxes for a house is on the ridiculous side.
SuperMoneystack they have been working on the freeways a lot, at least 94 and the lodge. Googled the DIA salary, that’s crazy stupid... apparently the museums have a $20 million budget
Wow what a law, property taxes are capped and only change when ownership changes! Here in WI property is reassessed and taxes adjusted every 5 years within 10% of market value. Didn't know property values in Michigan were climbing so fast.
in California, property taxes only change when house is sold. the good thing about that is you know exactly how much they'll be before you buy based on the price the house sells for.
@@ladycatfish2896 Not racist but practical. You cannot get blood (money) from a turnip (the poor), So you MUST reduce spending. DEFINITELY NOT RACIST. If you interpret it as racist YOU are the racist as you are assigning race to those under poverty.
@@ladycatfish2896 And you are stupid enough to believe anything that idiot biden tells you. For the record most poor kids are no where near as smart as rich kids. Note the change poor vs white to poor vs rich. You just once again made it all racist. It is a matter of facilites, faculty, training, opportunity. Of course the greatest problem is that it seems that sometimes some kids just don't try. They know that white men cannot jump and that the only possibility they have for success is pro sports.
Not that it will do any good since the Democrats stole the election in Michigan and Pennsylvania at the very least. 18 of 19 Bellwether Counties voted for trump by a 16 point margin and there were Republican gains in the House and only lost 1 seat in Senate with twice the exposure. And Trump loses? Not buying it. Not with the blocking of certified poll watchers and software being "updated" right before the election. Democrats are corrupt to the core. I know, I live in California.
The people voted for this as Proposal A in 1994. It was drafted in 1993 when Republicans controlled the governorship, the house of representatives and the senate in Michigan. They did this and now we are seeing the fallout from their actions nearly 30 years later.
Lesson learned.. sell your house to a trust when it bottoms out, then add the new owner to the trust and let yourself out. No exchange of ownership. Of course, doesn't work if you need to make payments.
Yeah after I noticed it was something like that, made me reconsider buying a house here in Cali. Might just move to a red state to finally escape commiefornia
Well you ain't going to do nothing sitting in your home's be downtown at City Hall 3 for the meeting with City Council. March 3rd 3 p. M. Class action lawsuit the the mayor only plans to give back nibbles and bits
