![]() Sometimes referred to as “capped value”, Taxable Value is still a relatively new word created and signed into law in 1994. The effort of the Assessing Department staff is to ensure that these two numbers continue to match year after year. Currently the SEV and AV are the same number. This new “factored” number would show up under the STATE EQUALIZED VALUE (SEV). This factor would increase each property’s AV within the class that does not conform to the regulations. If the Assessor does not comply with the ratio indicated in these studies and does not reach the goal of a 50 % ratio for each class, then the township will be factored. These studies are done over a 24 month period, using actual sales within the township and comparing them to actual assessed values in the same year. County Equalization Studies indicate the rate of increase that should be applied to each class of property each year. The traditional Assessed Value (AV) is still required to be 50% of market value. A purpose of classifying property is for the Assessor to properly group properties for mass appraisal purposes. ![]() ![]() The guidelines for the classification of property are clear and defined within the Michigan General Property Tax Act. All vacant land shows a 402 or 102 classification. The classification of 402 would indicate that the property is residential in nature and vacant… without any type of structure on the property. The classification of 401 indicates that the property is residential and improved… meaning that there is a building or structure of some type on the property. If you have any further questions or would like clarifaction about any of the topics, please contact the Township office. This information is provided to help answer some of the most commonly asked questions.
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