Do you Pay too Much Property Tax?
Top 10 Metropolitan
Areas with Home
Price Depreciation
First Quarter 07-First Quarter 08
|
Metro Area
|
Loss
|
|
|---|---|---|
|
|
Miami
|
25.9%
|
|
|
Las Vegas
|
24.6%
|
|
|
Phoenix
|
23.0%
|
|
|
Los Angeles
|
21.7%
|
|
|
San Diego
|
20.5%
|
|
|
San Francisco
|
20.2%
|
|
|
Tampa
|
19.6%
|
|
|
Detroit
|
17.9%
|
|
|
Wash. D.C.
|
15.3%
|
|
|
Minneapolis
|
14.4%
|
|
| ||
| Source: Standard & Poor’s/Case-Shiller |
||
Property owners can calculate their tax bill by multiplying that taxable value by the tax rate.
In Michigan, the property tax rate is called a millage, and it is figured in mills. A mill equals $1 in taxation for every $1,000 in taxable value.
A parcel may have several millages in its tax rate. There is likely to be a millage to operate local government, and another for the county. Part of the millage rate may include mills for libraries, police and fire or schools.