If you are looking to buy a house in Michigan, then you are going to want to pay attention to the property tax increase!
Along with higher interest rates, this increase in property tax will also increase your monthly payment. A lot of focus is on what interest rates are, but there are other factors like homeowners insurance and property tax that can impact your monthly payment. That is why we highly recommend discussing with your lender your goals, so they align with the monthly payment you are comfortable with.
If you bought a house in Michigan in the last year, be on the lookout for your Notice of Assessment in the mail. When you purchase a house, the taxable value becomes uncapped and reassessed. There is no way around the property tax increase, however, you can dispute potential errors with your tax assessor. Or, you can go to a board of review at your local township to dispute it. If you have any questions, feel free to contact us and we would be happy to help.