How much do you pay in property taxes for a 1 dollar house in DETROIT?

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"

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,

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

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

all I know is that detroit is the area recently in the news that had some riots, so probably the house you want is one that was damaged or burned. But call the tax commissioner as if they're trying to get rid of that house then probably people owe several years of taxes and they'd know the amount. No home is worth buying for $1 as that probably means you'd have to tear down what's there and rebuild.

Stay away from detroit aka Die-troit

I brought and flip properties there but that area isn't worth any person time especially if you have a family. High on crimes and low on jobs. The population decreased due to people relocating for work.

I had numerous properties constantly being broke into during renovation.

Pick another city for you and your wife...

Best of luck

What do you expect for a $1.00? There are probably thousands of dollars in liens due and/or it needs to be torn down. Be realistic. Get a mortgage pre approval letter from a lender so that you will know the maximum mortgage you qualify for. Then you will need at least 3.5% for the down payment and another 3-5% in closing costs. Check out www.realtor.com and search by city.

Lets say you pay $1 for that property, but the assessed value is $45,000 and the combined city and county tax rate is 2.07% you would owe $931.50 (.02 x 45,000), and would increase or decrease as value increases and decreases.

Property taxes have nothing to do with what you paid for it. You DO realize that anything you can buy for $1 is not going to be livable- right?!