This year many properties face tax foreclosure. There are new programs that will allow you to avoid foreclosure if you own and live in your home as your primary residence. Should you make the required payments your interest rate, which is currently 18%, will be reduced to 6% and you will avoid foreclosure. These plans are called Interest Reduction Stipulated Payment Agreements (IRSPA). To qualify for such a plan you must have a Principal Residence Exemption (PRE) on your property. This actually reduces your taxes by allowing the government to recognize this as your primary residence. Apply for a PRE at your local community offices. If you qualify you will pay a 10% down payment on the delinquent taxes and then pay 3% per month. In order to make sure the plan continues you must not allow any more taxes go delinquent so pay your new taxes on time.
There also is a Federal Program to allow you to borrow federal funds to pay your delinquent taxes if you own and live in your home. This program is called Step Forward and is administered by the State of Michigan. To qualify the home must be in your name with a deed recorded with the Register of Deeds. That deed must have been recorded prior to the delinquency. You must live in the home and must have suffered an involuntary hardship, something that made it difficult to pay your taxes. This might be a loss of a job, a cut in pay, or a serious illness. You must also have sufficient funds so that, if the federal government pays your delinquent taxes, you will be able to pay the new taxes assessed on your home. If you qualify the federal government will loan you up to $30,000 interest free to pay the taxes. If you remain in your home for five years you will not have to pay back the loan. Apply for this program no later than December 31, 2015 at stepforwardmichigan.org or call 866.946-7432.
State law requires that properties subject to tax foreclosure be made available to the State, the local community, and the County for purchase prior to auction. We are in that process until the end of July. Properties that are not taken by a government entitiy are offered for auction in September and October. Please be aware that new state laws will not allow the owner of a property that has been foreclosed to purchase that property at auction for anything less than the taxes, fees, and interest that were outstanding at the time of foreclosure.
The office of the County Treasurer is responsible to the people of Wayne County for the effective and efficient administration of the Property Tax Collection, and through operation of our State of the Art Cash Management System, responsible for receipt, custody, investment and disbursement of all County funds. This website is designed to acquaint you with the Office of the Wayne County Treasurer and provide you with valuable information. We look forward to a positive experience as you endeavor to conduct business with the County Treasurer's Office.
The Wayne County Treasurer, under the authority of the State of Michigan, participates in the Delinquent Tax Revolving Fund Program, which is an alternate method of collecting delinquent property taxes. All communities and school districts participate under the Delinquent Tax Revolving Fund program. Under the Michigan Public Act 246 of 2003, the City of Detroit began participating with tax year 2003. The program has proven beneficial to all participants.