Inflation Impacts Property Taxes With Highest Increase Since 2007

Michigan homeowners can expect to see bigger than normal increases in their summer property tax bills. Thanks to this year’s inflation, many need to prepare for even bigger hikes next year. The inflation rate adjustment for this year’s property taxes is 3.3%, the highest it has been in 15 years. The rate is the maximum increase in taxable value that can apply this year to Michigan homes that haven’t changed ownership or seen additions to the property. The multiplier hasn’t been over 3% since 2007. Inflation’s impact on food and gas prices are obvious to consumers, but its impact on property taxes can be unexpected and somewhat hidden.