How much would the taxes go up to rent out an owned home in Michigan?

Question

A lot? how does this work? How much would taxes go up? THANK YOU!!

Answer 1

your property taxes would not go up at all.  property taxes are based off the value of the property, not what you're doing with it.

it will generate income however, and the income is taxable like any other income.  but allong with that income comes extra deductions to offset the income.  

if you are renting out the entire house then any expense associated with that house will become a deduction.

Answer 2

The State of Michigan property tax estimator should give you a close approximation. Simply find the current Taxable Value of your home (you can call your local assessors office and get this number) and enter your school district.

This site will give you the difference between homestead and non-homestead taxes within a few dollars.

http://www.michigan.gov/treasury/0%2C160...