This system in the long run means that property owners start accumulating a "discount" on their property taxes because their Taxable Value is lower than the Assessed Value. Taxable value is defined as the lesser of either the Capped Value or the Assessed Value. Taxable Value is what you actually pay taxes on. (exceptions are made if you put on an addition or tear something down) (Market Value)Ĭapped Value is defined basically as last year's taxable value times the inflation rate or 5% whichever is less. What is the difference between Assessed and Taxable and Capped Value?Īssessed Value is defined in Michigan law as 50% of the property's True Cash Value. If a question ever comes up,please call or come into the office or email me and I'll help in any way I can.Ģ. I never have a problem explaining something to a taxpayer. Most importantly, the property tax code is complex and confusing and we all know it. If it isn't, or if you still the the Assessed Value is too high/low you should call the Assessor and make an appointment for the Board of Review.Ĥ. You should get a copy of your property record card from the Assessor and make sure it is accurate. The first Assessment Notice you get in the February after buying your home is the most important. At the same time, verify that your Principal Residence Exemption is in place.ģ. If you recently bought a home and you didn't get a tax bill on July 1 or December 1, or you didn't get an Assessment Notice in mid-February you need to call the Assessor and verify your mailing address. You should call the Assessor ASAP and get a tax estimate for the next year.Ģ. This can result in a significant change in your payment. The amount of taxes your escrow company calculated may be incorrect, but they won't find the error for 12-18 months. There are several important items to pay attention to:ġ. ![]() What important information do I need to know.
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