Hello I just got married and I want to move somewhere new and start some new family roots and I'm not that rich so I saw a 1 dollar house in DETROIT and I was like I should buy that but how much are the property taxes?
loanmasterone
County property taxes have nothing to do with the how much you pay for a property.
The county use a formula to make a determination as to the amount of taxes you would be required to pay no
matter how much or little you paid for the property.
The city of Detroit is making a tremendous effort to get rig of vacant houses. They are extremely economical. I am not sure about them being as low as $1.00, however, I know real estate investors that are getting properties for as low as $100.00.
Keep in mind these properties are in need of a lot of rehab (fixing up) and might not be in the best
neighborhood. You would want to know the area and what is needed in order for you to be able to live in the house.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Steve D
Property taxes are based upon an assessment of a property's value, not how much you pay for the property. Without knowing the assessment no one can answer that. You could take the address down to the tax office and ask them to look it up.
The bigger problem is that it is unlikely the house is really being sold for $1 - more than likely, that is a placeholder and the bank will auction the house off starting at $1 (which means that the final price will be closer to its real value). The second problem is that more than likely the house is not habitable and will need major renovations before you can move in,
bembry
1 Dollar House
?
Purchase price has absolutly nothing to do with property taxes
None of those $1 houses in Detroit are livable, and part of the deal is you have 6 months to make it livable or demolish it.
Source
Family from Detroit area
tro
I would venture to guess the house you found for $1 was one that has to be moved off the present location due to community reorganization where it is located
if you could even buy a house for $1 that didn't need to be moved, the $1 is NOT the assessed value of the house and that is what you will be paying taxes on
the county assessor determines the value, and it is entirely possible the land alone could be valued for more than the house