What information is available from the Assessor?
Ownership Information, Property Data, Sales Data, Assessed and Taxable Values, Homestead Filing, Board of Review for Assessment Appeals.
What does the term "Assessed Value" mean?
The Assessed Value is generally one half (1/2) of the market value of the property, as determined by a two year market study. The term "State equalized Value" (SEV) simply means the Assessed Value after it has bee finalized by the State of Michigan.
What does the term "Taxable Value" mean?
Taxable Value is the amount on which your property taxes are levied. Taxable Value increases each year by an amount equal to the Inflation Rate, unless you have made physical changes to your property (such as tearing down a garage, or adding a deck), or you purchased your property in the prior year. If you purchased your home last year, your Taxable Value will be the same as your Assessed Value this year.
Why are my taxes higher than my neighbor's taxes when our houses are so similar?
Taxes are based on Taxable Value, not Assessed Value. Even though your homes may be similar, and you may have similar Assessed Values; your Taxable Values may not be similar at all, because Taxable Values are reflective of when each home last sold.
What is a "Homestead Exemption"?
The Homestead exemption exempts homeowners from 18 mills of school operating tax. To be eligible for this exemption you must be both the owner and occupant of the property, and have a valid Homestead Exemption Affidavit on file with the Assessor's Office. The Notice of Assessment sent to you each year indicates the percentage of your property that is receiving this exemption. Your tax bills indicate this as well.
What do I do with the Notice of Assessment I receive each March?
Review it. If you disagree with the property values, transfer status, or homestead percentage; contact the Assessor's Office to discuss your concerns. If you are still unsatisfied, schedule an appointment with the March Board of Review. Keep the notice for the preparation of your income tax return next year, specifically the MI-1040CR.