For 2018, the CPI was calculated at 1.9%. Capped Value is calculated by multiplying the prior year’s Taxable Value, with adjustments for additions and losses, by the CPI, as calculated by the State of Michigan and cannot increase by more than 5%. In addition, each property has a Capped Value. The sales analysis may indicate that the market value should increase, decrease or stay the same. Sale studies are based primarily on actual sales of similar homes in similar home in similar areas. The Assessed Value is adjusted each year based on sales studies. Assessments are estimated at 50% of Fair Market Value. Your assessment can also fluctuate based on changes you make to your property. Even if you have not made any changes to your property in the past year, your assessment will likely still change to reflect the current real estate market. Copies of field sheets, lot size information and other assessing information is available in the Assessor's Office during regular business hours.Įach year the Assessing Office must calculate the SEV for each property as of December 31, which is called Tax Day. Petitions forms are available at BSA Property Assessment Data Lookup Assessing DataĪll assessment, property data and tax information is available online. Rather, you are required to file a petition to initiate a new Small Claims appeal. “Effective March 1, 2013, the Tribunal is no longer able to accept Small Claims letter appeals. Please be advised of the following changes per the Michigan Tax Tribunal: A property owner, who appealed their property assessment to the March Board of Review and wishes to further the appeal may do so to the Michigan Tax Tribunal.
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