Selling Your Metro Detroit Home - Michigan Property Taxes
What do I owe when I sell my Metro Detroit home?
When you sell your Oakland or Wayne County home there are two rules whether you owe taxes or not.
- If you are single the Oakland County home has to increase in value over $250,000 before you are taxed.
- If you are married the Oakland County home has to increase in value over $500,000 before you are taxed.
This only applies if it is your primary residence and you have lived there for 2 out of the last five years. If it is a second home or an investment property then different tax rules apply. After you sell your metro Detroit home I always recommend you to give the HUD 1 to your account.
Do they pro-rate my property taxes when I sell?
Yes when you sell your metro Detroit home your Michigan property taxes are pro-rated to the day of closing. You the seller owe up to the day of closing and the buyer will have to pay from the day of closing until either November 30th or June 30th. The title company will figure the tax pro-rations out. The buyer will owe you the seller any unused portion of your Michigan property taxes.
Where can I learn more about appealing my property taxes?
Contact your local tax assessor's office to see what procedures to follow to appeal your Oakland County property tax assessment. In Michigan you will have to go through a formal tax-appeal processes, which is in February. If you do not follow the guidelines your appeal of your Michigan property taxes are not going to be taken seriously.
How do property taxes work?
In Michigan, property taxes are used to pay for schools, county, and city services. In Michigan we have a what we call a summer and winter tax. It is somewhat misleading. Our summer tax goes from July 1 until the following June 30th. Our winter tax goes from December 1 until the following September 30th.
Are Michigan property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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