Peninsula Township, Michigan

In Michigan, property tax isn't figured on what you paid — it's figured on the home's Taxable Value, with the local millage rates applied to that number. While one owner keeps the home, Proposal A caps how fast that Taxable Value can climb. When the home sells, the cap usually comes off — this is called uncapping — and the Taxable Value resets toward the State Equalized Value, or SEV, which tends to run about half of a home's market value.

That reset is the part that catches buyers: a longtime owner may have been paying on an old, capped number, so the year after you buy, yours can jump to the new one — and your first full-year bill can land well above what the seller was paying. In Peninsula Township, one school district appears in the rate data. Parcel-specific tax districts can still matter. For a primary home with PRE, Michigan's main-home exemption, the rate shown here is about 24.6 mills. Without PRE, the non-homestead rate is about 42.6 mills. The calculator above turns those local rates into your actual number.

If this will be your main home, make sure that PRE is filed with the local assessor — it can lift up to 18 school-operating mills off the bill. Rentals, vacation homes, and second homes stay on the higher non-homestead rate.

The tax reset is the big one, but it isn't the whole checklist. Out here, a home beyond city water and sewer usually comes with a private well and septic system worth testing before you close. It's also worth checking whether the address sits in a floodplain, and whether you'll owe a city income tax where you live or work. The buying-a-home guide walks through the rest.