Michigan Statute's require that all Real and Personal Property, subject to taxation, shall be assessed annually.
Assessments are estimated at 50% of the properties Market Value. However, property owners pay taxes based on the properties Taxable Value. Taxable Value is the lesser of Assessed Value (SEV) or the prior years taxable value minus losses, increased by the lesser of 5% or the Inflation Rate Multiplier, plus Additions. A transfer of ownership will change the taxable value to the assessed value in the year following the transfer of ownership.
|Example:||100,000 Taxable Value|
|35 Millage Rate (Dollars per Thousand)|
|$3,500 Estimated Annual Tax Bill|
|Note:||A Property Tax Estimator is available through The Michigan Department of Treasury web site.|