It's that time of year again - homeowners have started to receive their 2010 property tax assessments in the mail. Over the last few years, homeowners have been frustrated by their assessed value increasing, while their property value has decreased because of the economic downturn. This is due to current law that allows a homeÍs taxable value to increase each year by either the rate of inflation or 5%, whichever is lower. However, this tax year is particularly interesting because Michigan has a negative inflation rate. So, almost every homeowner should see a property tax decrease of at least .3%.
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