Crushing property taxes. 65.79 millage rate for single-family residences, 83.8 for rental properties!- Detroit city income tax on top of Michigan's 4.35% income tax.
- Shysty council members.
Monday, October 26, 2009
Reasons 3,239, 3,240 and 3,241 for Detroit's collapse
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6 comments:
Iwonder if they use a "taxable value" which is less than fair market value?? Let's hope so...plus state and city income taxes...what were these people thinking...oh wait they are in DC now.
The taxable value in Michigan is set at half the assessed value. So you are only paying a tad under 3.3% per year for your residence (homestead) and 4.19% for rental property. Ouch!
If you stay in your house a long time, the taxable value is limited in increase to the rate of general inflation (I think), so if house prices soar, there's a bit of a cap. Oh wait, that "soar" thing isn't happening in Michigan!
Maybe they can justify the extremely high tax rate based on really low house prices. I know some of my friends in Texas, which has rather high property tax rates, are paying on the same order of property taxes as we're paying up here in DC metro because our lower rates (1.x%) are applied to a much higher price for the same type house.
"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand. "
Milton Friedman
Holy freakin' crap! I tried using using that tax calculator, and my little cape cod, at what my locality values it at, would result in a 10x increase in my taxes.
If my city instituted an income tax, I would be calling uhaul to see how soon I could pick up a truck. Of course it wouldnt surprise me to see more of this sort of crap since the cities are in trouble, and sales tax revenues are down. They know they have alot of people stuck becsuse they cant afford to sell their house in the current market and move.
Yeah, but really, how much can the taxes be on a $500.00 house?
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