RE/MAX Franchise Tax Study
Posted on: 19/12/2006
Fifty-seven percent of Metro Detroit homeowners believe the amount they pay for property taxes is "about right." This finding is according to a 2006 RE/MAX franchise of South-eastern Michigan Study of Oakland, Wayne, Macomb and Monroe county residents.
According to the RE/MAX survey, Macomb County homeowners are most satisfied, with 69 percent agreeing their property tax rate is favourable. Wayne County and Oakland County homeowners are slightly less satisfied. The RE/MAX study finds that 47 percent of Wayne County homeowners and 45 percent of Oakland County homeowners believe their property taxes are too high.
"It is extremely important for potential buyers to assess all of the expenses associated with owning a home, before deciding how much house they can afford," said Jeanette Schneider, vice president and co-regional director of RE/MAX of South-eastern Michigan. "Other expenses to consider, aside from property taxes, include the monthly mortgage payment, homeowners insurance and mortgage insurance, just to name a few."
Michigan's per person property tax is 14.8 percent below the national average. This is mainly due to Proposal A, which shifted some of the tax burden from property and onto the state sales tax in 1994.
Following Proposal A, Metro Detroit saw drastic cuts in personal property taxes. In Macomb County alone, the tax rate decreased by 49.8 percent. In Monroe County, taxpayers have paid 44.6 percent less since 1994. Oakland experienced a 38.5 percent decrease, and Wayne County witnessed a 41.8 percent property tax decrease since Proposal A was mandated in 1994.
The RE/MAX of South-eastern Michigan Study, conducted by W.K. Greene and Associates of Royal Oak, Mich., was designed to establish a baseline understanding of RE/MAX of South-eastern Michigan's service area, which includes residents in Oakland, Wayne, Macomb and Monroe counties.
A leader in the metro Detroit real estate market, RE/MAX of South-eastern Michigan encompasses Oakland, Macomb, Wayne and Monroe counties, with more than 1,200 sales associates in 63 offices serving the region. RE/MAX of South-eastern Michigan has been helping thousands of Michigan families with their home buying and selling needs.
The RE/MAX franchise network, now in its 33rd year of consecutive growth, is a global real estate system, operating in more than 63 countries. More than 6,400 independently owned offices engage 118,000 sales associates who lead the industry in professional designations, experience and production.
To see how FranchiseUK can help you franchise your franchise business click here.
