Comments on: We’re Close to The Bottom. Right? http://blog.team366.net/2007/02/20/were-close-to-the-bottom-right/ Ann Arbor Area Real Estate @ the Speed of Life Sun, 05 Jul 2009 02:24:22 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Apella http://blog.team366.net/2007/02/20/were-close-to-the-bottom-right/comment-page-1/#comment-151 Apella Thu, 22 Feb 2007 01:45:39 +0000 http://mirealestate.wordpress.com/2007/02/20/3-reasons-we-have-not-bottomed-out-in-se-michigan/#comment-151 This issue has both good points and bad points. One of the positives that I see is that the area property becomes more attractive to possible buyers because of lower taxes. On the other hand I see your point in the reduction in public funds. The Detroit area has attempted to deal with this issue by lowering taxes in a few neighborhoods and found it to be a public relations issue of fairness and revenue loss. The assessors by law have to stay with in limits based on market value, unless they do a mass appraisal reassessing the community as a whole and both appraisers and real estate agents work with assessor numbers to verify their own numbers. The Detroit area, not Oakland per say, but Detroit already has an exiting populous problem per US Census numbers from the last ten years, which relates to loss revenue so any additional hits could have substance for government budgets. In lower Southeast Michigan we have seen reductions in assessments for the most part but have also seen increases in some areas while property values have stalled or dropped. In land lakes have really felt the tax hits, some of which are DEQ mandated. If homeowners do want to contest the assessment with the Tax Tribune then they should get an appraisal showing the reduction in market value for their property. Apella provides these types of appraisals so that it is disclosed here. In the mean time, I hope that the government bodies can work to generate a commercial and industrial base that will rebuild the tax base. If they cannot do that then may be a bake sale is an option. I hope that they do not try to pass the burden onto homeowners just to spare our tired real estate market additional grief This issue has both good points and bad points. One of the positives that I see is that the area property becomes more attractive to possible buyers because of lower taxes. On the other hand I see your point in the reduction in public funds. The Detroit area has attempted to deal with this issue by lowering taxes in a few neighborhoods and found it to be a public relations issue of fairness and revenue loss. The assessors by law have to stay with in limits based on market value, unless they do a mass appraisal reassessing the community as a whole and both appraisers and real estate agents work with assessor numbers to verify their own numbers.

The Detroit area, not Oakland per say, but Detroit already has an exiting populous problem per US Census numbers from the last ten years, which relates to loss revenue so any additional hits could have substance for government budgets.

In lower Southeast Michigan we have seen reductions in assessments for the most part but have also seen increases in some areas while property values have stalled or dropped. In land lakes have really felt the tax hits, some of which are DEQ mandated. If homeowners do want to contest the assessment with the Tax Tribune then they should get an appraisal showing the reduction in market value for their property. Apella provides these types of appraisals so that it is disclosed here.

In the mean time, I hope that the government bodies can work to generate a commercial and industrial base that will rebuild the tax base. If they cannot do that then may be a bake sale is an option. I hope that they do not try to pass the burden onto homeowners just to spare our tired real estate market additional grief

]]> By: Black Tie Todd http://blog.team366.net/2007/02/20/were-close-to-the-bottom-right/comment-page-1/#comment-150 Black Tie Todd Wed, 21 Feb 2007 15:46:30 +0000 http://mirealestate.wordpress.com/2007/02/20/3-reasons-we-have-not-bottomed-out-in-se-michigan/#comment-150 Doh! Helps if I note the assessment referenced in my article is from South Lyon. Doh! Helps if I note the assessment referenced in my article is from South Lyon.

]]> By: Maureen Francis http://blog.team366.net/2007/02/20/were-close-to-the-bottom-right/comment-page-1/#comment-149 Maureen Francis Wed, 21 Feb 2007 01:56:41 +0000 http://mirealestate.wordpress.com/2007/02/20/3-reasons-we-have-not-bottomed-out-in-se-michigan/#comment-149 My assessments actually went up in Beverly Hills. Did not get the notice in Birmingham yet to know what happened there, but I am predicting up. Home values in Beverly Hills did not go up, but the assessment did. I will have to do the math for the percentage. My assessments actually went up in Beverly Hills. Did not get the notice in Birmingham yet to know what happened there, but I am predicting up. Home values in Beverly Hills did not go up, but the assessment did. I will have to do the math for the percentage.

]]>