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Home Buyers and Sellers have their money on the line and I don't take that lightly. I make sure my clients have all the pertinent facts; that they understand the legalese contained in their contracts and disclosures and that they know their options. I won't sugar-coat the truth and always point out both the positive and negative in a potential decision. No one likes surprises in a real estate transaction; so I ensure that my clients know what to expect each step of the way from initial consult to closing.

I personally assist my clients from start to finish, and never hand them off to an assistant. I will be with you every step of the way.

Steve Meyers

Answers To Real Estate Questions

Question: Our grandson and his bride are shopping for a house. They are looking at two like houses in the same city. When their mortgage person calculated their monthly payment for both houses there was a difference of almost $135 per month! The taxable value for both houses is within $5,000 of each other. The mortgage person said the difference was in the property taxes. Why such a difference?

Answer: Thanks for telling me that the taxable values are almost the same. If you would have said SEV (State Equalized Value) that would have been a different story. Taxable Value is what your property taxes are calculated off of. There are a few things that can cause the taxes to be different. The first and foremost is PRE (Principal Residence Exemption) formally known as Homestead and Non-Homestead taxes. If you are living in the property as your primary residence and claim it as such, then you get the lower property taxes. If you are an investor or are claiming another property as your primary residence then you will pay a higher property tax rate usually 18 mills more. (On a $400,000 property with a $200,000 taxable value that would be an additional $3,600 per year in property taxes). Another possibility is that one of the properties could have a lien included in the taxes such as unpaid water bills or trash collection bills that the mortgage person did not detect by looking at the detailed tax bills. Now, here is another reason that most buyers and even seasoned homeowners don’t know; school districts. Did you know that most cities / townships have more than one school district? Did you know that some communities in Macomb and Oakland County have as many as 8 different school districts within one city / township? What this means is that each school district has its own tax millage rate which means up to 8 different property tax rates within one city or township. It’s always important to look at the variables when property taxes don’t add up.

©Steve Meyers

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Inflation is leading to higher summer property taxes