does my Assessment change every year?
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.
is Taxable Value?
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.
are the removal of property, such as removal of a garage. An Addition
includes finishing a basement, building a deck, and other improvements.
can my taxable value go up when my assessed value goes down?
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.
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.
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
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.
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.
if I do not agree with the Assessed Value or the Taxable Value of my
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.
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.
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.
if I dispute the decision of the March Board of Review?
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.
the appraisals records open to the public?
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.