Detriot Area Home taxes up, but values flat

The Detriot News reports:

Metro Detroit home values, on the rise for much of the past decade, are starting to reflect the state's struggling economy and flat real estate market.

But homeowners receiving the annual "This is Not a Tax Bill" notice from their local assessor likely won't see a corresponding plateau in their property tax rates.

That's because state tax law allows local governments to increase property taxes each year 5 percent or the rate of inflation, whichever is lower. So while many houses in the region appreciated far less than the current 3.3 percent inflation rate, taxes on them still can rise at least that much.

The government wants money one way or another.In a major bear market in real estate, some communities will fight tooth and nail to try and get the same or greater revenue.This is a heads up article for everyone,even if they don't live in the Detriot area.