All property is annually assessed as of tax day, December 31.  Change of Assessment Notices are mailed in February.

Helpful Assessing terms:

*Assessed Value (AV): State of MI requires this value to be equal to 50% of the estimated True Cash Value (TCV or fair market value) Generally, the assessed value (AV) is the same as the State Equalized Value (SEV) unless an equalization factor is warranted.

*Taxable Value (TV): Value on which property taxes will be computed. A property’s taxable value will only increase annually by the rate of inflation (CPI) or 5%, whichever is less, unless there is an addition to the property (physical improvement or omitted property) or increase due to a transfer of ownership.

*Transfer of Ownership: Occurs when a title or present interest in the property is transferred through a conveyance by deed, land contract, distribution under a will, or certain leases. A Property Transfer Affidavit (PTA) is required to be filed with the Assessor for every transfer of ownership.

*Property Classification: The General Property Tax Law provides that all property be classified into certain classifications for the purpose of maintaining uniformity of assessed values.

Difference between assessed value and taxable value?

Assessed value=50% of true cash value(fair market value); taxable value = prior year’s taxable value minus physical losses (fire or demolition), multiplied by current year’s inflation rate (CPI), plus any physical additions (new construction)

How are my property taxes calculated? Taxable Value times Millage Rate divide by 1,000 = Property Tax Bill + Special Assessments