Here is a quick synopsis of how your property is valued for taxes: Your tax rate is calculated per the law given to each unit of government by the State Tax Commission. Taxable value: is what you pay your taxes on. Millage rate x taxable value = your tax dollar amount. Uncapping of taxable value: parcels of land that sell (new owner that was not on the deed prior) will change taxable value. Other items that affect taxable value are new construction and/or demolition of buildings.
If you notice an increase or decrease on your tax bill, this is due to the inflation rate either going up or going down. Since 1994 there has been only one year in which the inflation rate dropped; and that was in 2010. Taxable value can decrease if your assessed and taxable values are the same and the assessed value drops. Taxable value is always based on the lower of the two numbers.
Assessed value: the law has not changed as to the assessed value calculation. The assessed value is calculated on sales and appraisal studies within your neighborhood. With sales increasing in volume and value, the assessed values will once again increase.
Millage rages: millage rates are established by each taxing unit and given to the local unit of government to place on the tax bill. Most of your tax bills are County and School rates. Please review your tax bill to see each taxing unit and how much of your money is going where.
2023 Value Analysis can be found under Assessing on https://cottrellvilletwpmi.documents-on-demand.com/.
For more information, please visit www.michigan.gov