chelsea
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Proposition A and Property Tax Bills
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Sep 1 13:15 UTC 1994 |
I keep track of things like mortgage escrow reserves. Don't
know why, really, but except that I don't like surpises come
February or March, when the balance notices go out.
So yesterday I called the Ann Arbor City Treasurer's office
and found out the exact amount of our summer tax bill, the
one that was supposed to be so much less because of the
recent tax shift. As expected, I found it was only $388 less
than last year's bill, partly because Ann Arbor's millage is
still quite high, and partly because our assessment went up
about 3.5%.
I suspect our case is not unique. Last April we were rebated
about $1000 from escrow, as mandaded by law. But by the time
the escrow analysis is due, next spring, we'll be behind almost
two-thirds of that amount unless we pay it back come December.
I thought this might happen so the "rebate" money had been tucked
away, awaiting it's return trip to the mortgage company. But
there are going to be a lot of folks trying to find out where
their big tax break went.
To calculate your July taxes, for Ann Arbor property, multiply
your state equalized value by .0323136. Then consider how much
you paid last year, plus the fact the December tax bill will be
higher than last year due to the assesment increases.
If you need to know your SEV contact the City Treasurer at
994-2833. Your mortgage company should be able to tell you
your escrow balance if you don't already have that figure.
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