What is the difference between SEV, Taxable Value and Assessed Value?
Your property taxes are based on the value of your property. We assess your property to determine the value. The tax rate is then applied to the value of your property to determine your taxes. The Assessed Value of your property is based on 50% of market value as required by the State of Michigan. The Assessor considers a number of factors in determining the assessed value of a property. These include age, size, quality and type of construction, lot size, finished attics and basements, the neighborhood, and the selling price of similar properties in that area. In general, increases in market value result in an increase in assessed value. However, the sale price of an individual property does not necessarily determine its market value and property is not always assessed at 50% of a sale price. After the assessment rolls are reviewed and approved (the equalization process) by the County and State, the assessed values become the State Equalized Values (SEV). SEVs are not subject to a “cap
Related Questions
- When I received my "Change of Assessment" notice, it had the Fair Market Value, the Taxable Value, and the Gross Assessed Value. What do these different values mean?
- How can I get general assessing information such as: taxpayer of record, parcel number, assessed value, taxable value and legal description?
- What is the difference between SEV, Taxable Value and Assessed Value?
