Assessment Facts:

• · Your property has two values, the State Equalized Value (SEV) and the Taxable Value
• · Taxable Value and SEV are the same when you purchase a home
• · Taxable Value is what your taxes are based on and are capped once you purchase the house
• · Taxable Value cannot increase annually more than 5% or the rate of inflation, whichever is the lower of the two. (2004 was based on 2.3%, as defined by the consumer price index)
• · SEV is predominantly based on a 2-year sales comparison in your area
• · Traditionally, increases are not across the board, they are based on the specific area, home and acreage that you own
• · Property taxes are calculated by multiplying taxable value X millage rate
• · Special Assessments and special millages (for schools, police, local parks, etc.) raise the tax amount but not your taxable value
• · While Taxable Value is capped when you purchase your home, additions to the home are not
• · Investment properties, second homes and commercial properties are taxed at a substantially higher millage rate. Primary residences receive discounted taxation.
• · Square footage recorded in the city vs. appraised square footage can differ. The recorded square footage is based on living space (excludes non-living space such as pantry or walk-in closet). The appraised square footage is based on total space.
• · New construction has three phases of assessment:
• · Pre-construction/vacant land
• · Partial land improvements
• · Full land improvements

• Call the local municipality and get your assessment information
• Assess the accuracy of the information provided
• Once you have determined whether you have been over-assessed or overtaxed, make an appointment with the Board of Review. Make sure to bring supporting documentation! i.e. appraisals, field card and comparable home information in your local area.
• If the board of review doesn’t agree, appeal with the Michigan Tax Tribunal (MTT). Make sure you have filed an application and all take supporting documentation.