The price of every-damn-thing has gone up this year and it seems to be a never ending story. Inflation's latest party trick was raising property taxes while you weren't looking. Here’s what you need to know before the bill arrives.
Here's Five Fast Facts about Michigan property taxes …… :
- ☀️ Cruel, Cruel Summer - You can expect to see the first bump in taxes on your summer property tax bill, which is hitting mailboxes this month.
- ⚠️ The Way it Is - The inflation rate for this year's property taxes will hit at 3.3% - and while that's lower than the 5% max, it's still the highest in 15 years. Which leaves us longing for the way it was.
- 👇 How Low (can it go?) - Look, 3.3% might not sound that bad, but considering the rate was 1.4% in 2021, we're not exactly celebrating good times over here.
- 💲 Money, Honey - Here's an example of what it could cost you. If your taxes were $3,000 last summer, at the 3.3% rate, you would pay $99 more this summer. And that doesn't include any changes to community millages in your area.
- 🚧 End of the Road - Sorry, it's not. With inflation still rising, you can expect an even more significant property tax jump next year. Experts say it's even likely that we could hit that 5% max.
🔥Bottom line: It might seem like it's all dire straits right now, but at least we have the pain capped at 5% thanks to Proposal A. Some states (we're looking at you, you Mississippi ) don't even have a property tax cap.
Have you gotten your tax bill yet this summer? If so, was it a true thriller? Let us know by connecting with us on Social Media, and be sure to share this newsletter with any friends & coworkers!
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