The Top 10 Reasons Macomb County Michigan Is Being Hit With A 25% Increase In Property Taxes
1. What is really crazy is that this article was posted on the Detroit News website today while I wrote an article about a new way to collect property taxes yesterday. In this article it states that the County Commissioner of Macomb County is suggesting to raise property taxes by almost 25% to make up for a ever growing defecit.
2. They are expecting to have budget defecits of almost $33 million in 2009 and $43 million in 2010. Really? The county that has a city that was rated one of the best places to raise a family (Sterling Heights) in the country year after year is that far in debt? How can this be so?
3. Of course the governments only plan of action is to raise property taxes to make up for the loss in revenue. It blows my mind why we even vote for anybody because it always seems like things
Click here to continue readingThe Top 10 Reasons Why Property Taxes Are Not Calculated Correctly And Need To Change
1. Right now around the country your home is taxed based on a percentage of what the value or home is worth based on what the county assessor thinks it is worth. As an example lets say your local county government has a property tax of 1% and your home was assessed at $300k. You would pay $300k x 1%= $3000 a year in property taxes.
2. This is a great system for the county when property values are going up because as your property value goes up the amount of money you pay in property taxes goes up. The county government does not look bad at all because they did not have to raise the percent to bring in more money, it was the market that did it.
3. For the most part people do not complain about paying a little more in property taxes because they have been told that the value of the
Click here to continue readingThe Top 10 Reasons Collections, Property Taxes, Income Taxes, And Liens Must Be Paid Before A Mortgage Can Close
1. In most instances homes usually can have two mortgages placed as a lien against a property. Under normal conditions you can have a first mortgage and a second mortgage. Some companies during the refi boom were putting a third lien against the property. Local banks and credit unions were the ones that did the third lien.
2. When people are trying to refinance their home the mortgage company will look at their credit report and will contact the local city or county government office to pull up who is on the title of the home and any outstanding liens against the property. If you default against anything including credit cards or if you are behind with taxes these can be put as a lien against the property.
3. What these companies do is register the lien with the county and it is recorded. If you ever plan to refinance the home or
Click here to continue readingThe Top 10 Reasons You Should Never Escrow Your Property Taxes And Home Owners Insurance With Your Mortgage
1. Mortgage companies love it when you tell them that you want to escrow your taxes and insurance with your mortgage payment. It reassures them that you are paying your taxes and home owners insurance every month and they get to manage. As long as you make your monthly mortgage payment there is nothing for them to worry about. The additional money you pay every month is collected by the mortgage company and put in a escrow account. When your taxes and home owners insurance are due the mortgage company will get a bill from your local city or county tax office and the insurance company and they just send them a check on our behalf.
2. Knowing that this is going to be taken care of by them many homeowners feel that this is comforting to know that its always going to be paid on time and its one less
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