2483 E. Midland RoadBay City, MI 48706Office: 989-684-7203Fax: 989-684-9234officemanager@monitortwp.org

Assessor`s Office

Monday-Friday:

8 am-12 pm and 1 pm - 4 pm

 

Margaret Ford MAAO3

Assessor

assessor@monitortwp.org

 

Normal Repair, Replacement and Maintenance Expenditures

 

If you are making non-structural changes to your home in the way of normal repair, replacement or maintenance, you should file Form #865 which would exempt the cost of these improvements from assessment until the property is sold.

 

 

                                    

Assessor`s Office

 

 

Monitor Township consists of more that 5000 Property Parcels and over 300 Personal Property parcels. The 2014 Assessment Roll will exceed 400 million dollars. The Assessment Roll represents one-half of the Market Value of properties subject to taxation in the Township.

 

The Assessor`s Office invites you to review the information contained at this site. If you find you have additional questions, please do not hesitate to contact this office directly.

 

 

RESPONSIBILITIES

 

Analyze market transactions to establish assessments in accordance with Michigan Statutes.

 

Maintain accurate records and provide easily accessible information to the community, other Departments and Township Board.

 

Utilize education and training to refine and update our skills and knowledge and implement programs to provide meaningful educational materials to the public.

 

Complete tasks in a timely, cost-effective manner by following an organized plan.

 

ASSESSING OVERVIEW

 

Michigan Statutes require that all Real and Personal Property, subject to taxation, shall be assessed annually.

 

Assessments are estimated at 50% of the property`s Market Value. However, property owners pay taxes based on the property`s Taxable Value. Taxable Value is the lesser of Assessed Value (SEV) or the prior year`s 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

25 Millage Rate (Dollars per Thousand)

$2500 Estimated Annual Tax Bill

 

PERSONAL PROPERTY

 

Business Personal Property generally consisting of office furniture and fixtures, machinery and equipment, computers, etc, is subject to taxation in the State of Michigan. Normal household furnishings are specifically exempted from personal property taxation.

 

Owners of assessable personal property are required to file a personal property statement on or before February 20th of each year. This date may vary for a certain type of personal property.

 

Contact the Assessor`s Office should you have questions about assessable personal property.

 

PRINCIPAL RESIDENCE EXEMPTIONS

 

If you own and occupy your home as your principal residence as of May 1 of each year, you may be eligible for a Principal Residence Exemption. Your Assessment Notice will indicate whether your home is 100% homestead, or some percentage thereof.

 

Homesteads are exempt from some school operating millage rates. A property owner shall only be permitted one homestead. A signed affidavit is required from the property owner to be eligible for this exemption. Please contact the Assessing Office should you have any questions about Principal Residence Exemptions.

 

PROPERTY TRANSFER AFFIDAVITS

 

Michigan Statute requires that the buyer, grantee, or other transferee notify the appropriate assessing office within 45 days of the transfer of ownership. The notification is to be in writing, specifically on form L-4260.

 

This form is available in the Assessor`s Office. Failure to file form L-4260 will result in a penalty.

Undisclosed sales are not exempted from filing the L-4260 transfer of ownership form.

 

 

 

FREQUENTLY ASKED QUESTIONS

 

 

Why does my Assessment change every year?

 

The Assessed Value of your property reflects an estimate of 50% of your property value. This estimate is based on sales of similar homes within the same or similar neighborhoods. Your Assessed Value changes to reflect the change in selling prices of similar homes. Additionally, property improvements may increase your Assessed Value.

 

What is Taxable Value?

 

Taxable Value is the amount on which a property owner pays property taxes. Taxable Value is the lesser of Assessed Value (SEV) or the prior year`s 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 succeeding the transfer of ownership.

 

Losses are the removal of property, such as removal of a garage. An Addition includes finishing a basement, building a deck, and other improvements.

 

How can my taxable value go up when my assessed value goes down?

 

Over the years, the majority of property values in Monitor Township have increased in value greater than the IRM.  However, many neighborhoods are now experiencing a decline in the market value. The constitutional amendment know as Proposal A requires that the Taxable Value increase by the IRM, however it cannot exceed the Assessed Value.

 

Some property owners have a significant difference in the amount of their Assessed Values and Taxable Values. Assessed Value represents 50% of the estimated property value. Taxable Value is a mathematical formula which is based on the preceding year`s Taxable Value increased by the Inflation Rate Multiplier (IRM).  The IRM is determined by the entire State and applied by each municipality. Taxable Value may also increase for physical additions and decrease for physical losses.

 

The year after you purchase your home or lot, the Taxable Value is ‘uncapped` and becomes the same amount as the Assessed Value for that year only. Each year thereafter, the Taxable Value is adjusted by the IRM in the same manner as described above.

 

Proposal A mandates that the Taxable Value is adjusted each year by the IRM. The assessed Value is adjusted each year based on sales studies. Sales studies are based primarily on actual sales of similar homes in similar areas. The sales analysis may indicate that the market value should increase, decrease or stay the same.

 

If the Assessed Value of the home is determined to be less than the Taxable Value which has been adjusted by the I RM, the Assessed Value (the lower value) becomes the Taxable Value. Taxable value is the amount on which property taxes are calculated.

 

 

What if I do not agree with the Assessed Value or the Taxable Value of my property?

 

Each property is valued annually. Property owners are notified annually of their revised assessment. Review the Assessment notice carefully. If you dispute the Assessed Value, the Assessor`s Office recommends that you discuss your Assessed Value and the calculation Taxable Value with our office. Also, visit the Assessor`s Office to inspect your property record for accuracy.  The property owner may appeal his/her Assessment to the March Board of Review. Taxable Value may change as a result of an Assessment revision, however, may not be appealed independently of the Assessment.

 

The Assessment Notice lists the date that the March Board of Review is in session.  The March Board of Review conducts informal hearings on the current year`s Assessment. Valuation disputes may not be heard by the Board of Review after their March Board sessions have closed. Therefore, it is important that property owners disputing their assessment file their appeal timely.

 

The Monitor Township Board of Review consists of three members. These three members are appointed by the Township Board in accordance with the Michigan General Property Tax Act.

 

What if I dispute the decision of the March Board of Review?

 

If you dispute the decision of the March Board of Review, a property owner may appeal to the Michigan Tax Tribunal. The appeal must be filed with the Tribunal.  Certain appeals may require an appearance before the March Board of Review before you may appeal to the Michigan Tax Tribunal.

 

Are the appraisals records open to the public?

 

Virtually all the Assessment records are available to the public. Property owners may examine their property records as well as any other property in the Township.