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The assessed value is a propertys determined valuation to calculate the appropriate tax rates. An assessment considers sales of similar homes, square footage, current market conditions and home inspection findings in its final determinations.
State Equalized Value - One half (1/2) of your propertys true cash value. State Equalized Value in Contention - The difference between what Petitioner and Respondent believe to be the propertys state equalized value for each tax year at issue.
Assessed Value- The assessed value is determined by a propertys market value. Set by the assessor, the assessed value when multiplied by two will give an approximate market value of the property.
Taxable value- A propertys taxable value is the value used for determining the property owners tax liability. 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.
THE MICHIGAN CONSTITUTION REQUIRES PROPERTY TO BE UNIFORMLY ASSESSED AT 50% OF THE USUAL SELLING PRICE, ALSO REFERRED AS TRUE CASH VALUE. EACH TAX YEAR THE ASSESSOR DETERMINES THE ASSESSED VALUE (AV) OF EACH PARCEL OF REAL PROPERTY BASED ON THE CONDITION OF THE PROPERTY AS OF DECEMBER 31 (TAX DAY) OF THE PREVIOUS YEAR.
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WHAT IS ASSESSED VALUE? THE MICHIGAN CONSTITUTION REQUIRES PROPERTY TO BE UNIFORMLY ASSESSED AT 50% OF THE USUAL SELLING PRICE, ALSO REFERRED AS TRUE CASH VALUE.
State Equalized Value - One half (1/2) of your propertys true cash value. State Equalized Value in Contention - The difference between what Petitioner and Respondent believe to be the propertys state equalized value for each tax year at issue.
The taxable value is the value on which property taxes are calculated. It can be found on the property tax statement or by contacting your local city/township/village assessors office.
Examples of assessed value It would replace an existing bond that costs taxpayers $1.69 per $1,000 of assessed value. The assessed value of the land is $14.5 million, but county officials said that was based on a commercial use for which it is not zoned.
The assessed value is a propertys determined valuation to calculate the appropriate tax rates. An assessment considers sales of similar homes, square footage, current market conditions and home inspection findings in its final determinations.

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