What is the difference between assessed value and taxable value?

The State of Michigan requires that a property’s assessed value equal 50% of its true cash value (fair market value). A property’s taxable value is determined by taking the prior year’s taxable value minus any physical losses (ex. fire or demolition), multiplied by the current year’s inflation rate (CPI), plus any physical additions (ex. new construction).

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1. What is the difference between assessed value and taxable value?
2. How is my assessed value determined?
3. How are my property taxes calculated?
4. What is uncapping?
5. Someone from the Township already inspected my new garage. Why are you contacting me again?
6. What if I see Township personnel on my property taking pictures or measurements?
7. How do I split or combine land?