What do the terms Assessed Value, State Equalized Value and Taxable Value mean on my 2007 Notice of Assessment?
A basic knowledge of these terms will help you better understand Michigan property tax law. • Assessed value—the assessed value helps determine market value. Set by the assessor, the Assessed value when multiplied by two will give an approximate market value of the property. The assessor is constitutionally required to set the assessed value at 50% of the usual selling price or True Cash Value of the property. • State Equalized Value (SEV)—SEV is the Assessed Value that has been adjusted following county and state equalization. The County Board of Commissioners and the Michigan State Tax Commission must review local assessments and adjust (equalize) them if they are above or below the constitutional 50% level of assessment. • Taxable value—multiplying the Taxable Value by the local millage rate will determine your tax liability. Taxable value increases from year to year by the rate of inflation or 5%, whichever is lower. Transfers of ownership and improvements to the property will incr
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