What is the difference between the Assessed Value and the Taxable Value?
Each year the Assessing Office must calculate the Assessed Value and Taxable Value of each property. 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, extra amenities, the neighborhood, and the selling price of similar properties in that area. All property assessments are reviewed annually; with notice of these assessments provided to all property owners in March of each year. A review of all arms length sales within each neighborhood for the required study period is used to determine individual Assessed Values. The 2009 Residential assessments will include sales activity between 10/01/07 and 9/30/08. Commercial and Industrial properties were studied using a 2 year study of 04/01/06 through 03/31/08. After the assessment rolls are reviewed and approved by the County and St
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 Taxable Assessed Value?
