Distressed Higgins Lake Homes Foreclosed
July 1st Your Township Treasurer Mailed Your Property Tax Bill…………………
it is the largest bill of the property tax year. You may have noticed that in some of the northern Michigan township’s assessments are still on the rise. Even though the assessment increase may not be the reason for your tax increase, increasing assessments are a cause for buyer’s not purchasing property. Owners that are seeking to sell their property may experience no interest from buyers if their assessment is to high as the present SEV will become the new owners Taxable Value after the sale is complete. If you are a buyer purchasing a foreclosed property, read Bulletin # 6 to see if you can reach an agreement with the Assessor to lower the SEV before you close the transaction.
If you are having difficulty with paying your taxes you should immediately seek help from your banker about restructuring your mortgage as most mortgages have escrow accounts for paying the taxes. Increasing house payments with a fixed interest rate may experience payment increases because of property tax increases passed along to the bank via the escrow account to pay the taxes!
Everyone including Governments are having budget difficulties. If you do not seek answers early you may find yourself in a distressed position.
Disclaimer: Information contained herein is not guaranteed is subject to change without notice.
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