Michigan Homeowners Will Face Higher Payments as Property Taxes Raise

July 6, 2022 ~ Michigan homeowners should prepare to see larger than normal increases to their July property tax bills as inflation continues to climb.

The inflation rate adjustment in Michigan this year is 3.3 percent. While still under the maximum 5 percent allowed under Proposal A, the adjustment is the highest it has been since 2007.

“Next year, we are looking, perhaps…at hitting that cap of 5 percent,” said Detroit Free Press Personal Finance Editor Susan Tompor to 760 WJR‘s Tom Jordan.

Listen below to Susan’s conversation with Tom, and how she thinks the market will change in the near future.