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Visiting your city or county website is a good way to determine the assessed value of your home. In some cases, you can also multiply the market value of your home by the local assessment rate (which will vary by location).
The process begins when a local public official, known as the local tax assessor, determines your homes taxable value. In Michigan, the taxable value of a home can be up to 50% of its true cash value under MCL 211.27 (basically, what the home would sell for on the open market).
In Michigan, a homes assessed value, in theory, should be approximately 50% of the estimated market value. Local assessors calculate how much your home is worth in the open market by using the comparative sales method to value your home. That number is then divided by two to reach the assessed value.
The taxable value of property in Michigan can increase by no more than 5% from one year to the next.
Taxable value is the amount on which a property owner pays property taxes. Taxable value is the lesser of the assessed value or the prior years taxable value minus losses, increased by the lesser of 5% or the Consumer Price Index (CPI), plus additions.
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Assessed value determines property taxes, while market value is the price a property would sell for. This distinction is important for real estate investors who are interested in refinancing a mortgage as it can affect their investment decisions.
You will receive an annual Notice of Assessment in February of each year. If you disagree with the Assessors determination of your propertys value, you may protest the assessment in person or in writing to the March sessions of the citys Board of Review, a citizen panel that reviews assessments.

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