Reference Desk Include

Property Tax Assessment notices will arrive soon

Pat Sullivan MME PresidentThe City Assessor will mail the annual notices of real and personal property assessments to property owners/taxpayers by the end of February. The assessment notice will state the “assessed value” and the tentative “state equalized value” (SEV) for both this year and the prior year. Those values should not exceed 50% of market value. Carefully review the notice.

The assessment notice will also state the “taxable value” (TV) for the prior and present year and whether the property was transferred as to uncap the TV. Taxable value is the lesser of SEV and the previous year’s taxable value adjusted for inflation, with adjustments for additions and losses. The taxable value is uncapped and reset at SEV when a property transfers in the prior calendar year. The Inflation Rate Multiplier for 2018 for the State of Michigan is set at 2.1%.

Annually, the City assessor reviews records, including recent property sales (Jan. 1, 2015 – Dec. 31, 2017), detailed reports on lands and buildings, and builder permits, along with personal visits when needed, to determine the size, components and condition of such properties.

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