Troy, MI real estate: buy or sell with a local AXEN agent
Troy runs its own assessor's office, and staff come back to measure and photograph homes, often about 5 years after the last visit. A new roof, windows or gutters do not raise your assessment, but decks, finished basements and air conditioning can. For a home's value, the March Board of Review is the only time each year to appeal.
What are the popular neighborhoods in Troy?
Popular Troy neighborhoods include Big Beaver corridor, Somerset area, Troy Corners, Northfield Hills, Sylvan Glen and Long Lake Road. Each one prices differently, so ask your agent for recent sales in the ones you like.
Also near Troy:
What should you know before buying a home in Troy?
File your Property Transfer Affidavit with the Troy assessor within 45 days and your Principal Residence Exemption by June 1 or November 1. Your taxable value uncaps the year after you buy. Watch for the assessment notice in mid-February if you want to appeal.
The rules that apply everywhere in Michigan are on the Michigan page. These are the Troy details that trip people up.
Get pre-approved →- Your taxes reset the year after you buy. In Michigan, a sale makes the taxable value uncap in the next calendar year. Your bill can be much higher than the seller's. Budget on your price, not their bill.
- File the transfer form within 45 days. The buyer must tell the assessor about the sale within 45 days on a Property Transfer Affidavit. After that, the penalty is $5 a day, up to $200 for a main home.
- Claim the Principal Residence Exemption. If it will be your main home, file Form 2368 with the Troy assessor. File by June 1 to count for the summer bill, or by November 1 for the winter bill.
- Know what raises your assessment. Upkeep like a new roof, windows or gutters does not add value. Air conditioning, decks, porches, sheds, additions, garages, finished basements and more bathrooms can.
- Appeal only in March. Each mid-February, Troy mails a notice to homes whose value changed, with Board of Review dates. The March Board of Review is the only time to appeal a home's value. Miss it and you wait a year.
What should you do before selling a home in Troy?
Request your final water and sewer bill from the city online before closing. The seller pays the state transfer tax of $3.75 for each $500 plus Oakland County's $0.55 for each $500. A warranty deed must be tax certified by the Oakland County Treasurer before it records.
Order the final water bill.
Troy has an online Final Water and Sewer Bill Request. Send it before closing.
The seller pays the transfer tax.
Michigan puts the state tax on the seller at $3.75 for each $500. Oakland County adds $0.55 for each $500. Both are paid when the deed records.
Taxes must be certified first.
Warranty deeds and land contracts must be tax certified at the Oakland County Treasurer's Office before they record. The Treasurer's Tax Certificate costs $5.
Troy real estate questions
Does a new roof raise my Troy assessment?
No. Upkeep like a roof, windows or gutters is not counted. Things like decks, air conditioning and finished basements can raise it.
Does the Troy assessor need to come inside?
No. Staff measure and photograph the outside and ask you about the inside. You can also call to set a time for them to visit.
When can I appeal my Troy home value?
At the March Board of Review. Notices go out in mid-February to homes whose value changed. If you miss March, you lose the right to appeal that year's value.
How do I get a final water bill when I sell?
Use the city's online Final Water and Sewer Bill Request before closing. Troy Water and Sewer can answer questions.
Who pays the transfer tax in Troy?
The seller. The state tax is $3.75 for each $500 and Oakland County adds $0.55 for each $500. Buyer and seller can agree the buyer pays, but the law puts it on the seller.
Buying or selling in Troy? Talk to a local agent.
An AXEN agent who works in Troy answers your questions for free. No cost to talk. No pressure to sign anything.