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| *The Commerce Journal>>>Other Taxes |
What are Home taxes based on? |
What are Home taxes based on? Assessed value of the home multiplied by the tax rate for the type of property (in this case residential). Detroit has been hit hard for the last several years with the housing market, even in good times for the rest of the country (kind of linked to the wax and wane of the auto industry). If houses aren't selling in Detroit area, housing prices have to come down to sell them, which in turn affects the assessed value. The assessed value of your home.... So if your house is assessed at 100 grand, and the "Millage" rate it 15 (per thousand) your property tax will be $1,500. Home taxes? You need to rephrase, because there's no such thing. You mean property taxes? Or taxes on home based businesses? In what country / state - USA? Ours is based on the local Parish (county) property appraisal. They decided what your property is worth, and a homestead exemption figure is added. Say $80K. You pay no tax if your home is worth less and a % of tax if it's worth over that amount. Here, a $150K house will have property tax of around $900 a year. Your mortgage company will want to add it to your house payment and they will pay the taxes out of escrow. They can't take a chance of them not being paid. The Assessed value X millage rate for that county. The property appraiser (for the county) assesses the property; usually annually or every 2 years. The county sets the millage. You can USUALLY go online to the county property appraisers office and look up a property's assessed value, millage and if the account is PAID. Hope this helps 5 years nortgage banker 15 years financial controller Real estate taxes are based on the assessed value of the property, and the millage rate for the area where it's located. Theoretically the assessed values of all properties in a taxing area are in proportion to their actual fair market value. With constantly changing housing markets, that doesn't always work out that way. Tax rates are set by the local taxing authorities - those might include entities like counties, cities, townships, and/or school districts. |
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