How does the Assessor determine the market value of my home?
Ans: As of December 31st each year, Tax Day, the Assessor is required by Michigan State Law to assess at 50% of true cash value all assessable property within Fenton Township. This includes homes, commercial properties, industrial properties, agricultural properties, vacant land, and personal property used to operate business. After gathering pertinent information, such as sales, construction costs, rental incomes, operating expenses, and interest rates, the Assessor determines a property value in three different ways. 1. Sales Comparison Approach. First, to estimate the value of a property as of a given date, the Assessor selects, objectively analyzes, and makes the necessary adjustment for differences on recently sold comparable homes or properties. It is important to realize that the sales price for an individual property does not necessarily dictate the market value of that property. 2. Cost Approach. Second, the Assessor determines at current materials and labor costs, how much mo
ANS: As of December 31st each year, Tax Day, the Assessor is required by Michigan State Law to assess at 50% of true cash value all assessable property within Holton Township. This includes homes, commercial properties, industrial properties, agricultural properties, vacant land, and personal property used to operate business. After gathering pertinent information, such as sales, construction costs, rental incomes, operating expenses, and interest rates, the Assessor determines a property value in three different ways. 1. Sales Comparison Approach. First, to estimate the value of a property as of a given date, the Assessor selects, objectively analyzes, and makes the necessary adjustment for differences on recently sold comparable homes or properties. It is important to realize that the sales price for an individual property does not necessarily dictate the market value of that property. 2. Cost Approach. Second, the Assessor determines at current materials and labor costs, how much mo
