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How Is Taxable Value Calculated?
Taxable value, the number upon which your tax bill is calculated, is determined each year by comparing ASSESSED and CAPPED values and choosing the lower of the two. ASSESSED value is the assessor’s estimate of 50% of the market value of the property.
CAPPED value is determined from the following formula:
(Prior year taxable value losses) X (1 + (lesser of CPI or 5%)) + additions.
LOSSES, in most cases, are equal to the assessed value of any new buildings, or portions there of, that were built in the previous year.
CPI is equal to the Consumer Price Index (the inflation rate) in the State of Michigan in the prior year. This figure is determined by the State Treasury Department.
Once the CAPPED value has been determined, the assessor compares it to the ASSESSED value. The TAXABLE value is the lesser of the two.
Principal Residence Exemption Affidavit
The Principal Residence Exemption excuses 18 mills of local school operating tax on the owner’s principal residence. Second homes, cottages, and rental properties are not eligible to receive the exemption and must pay the 18 mills of school operating tax. Commercial and Industrial properties must pay the 18 mills as well.
Principal Residence Exemption Affidavit (T-1056) is the most commonly used form. This form is to be used when there is not an existing exemption in place, such as a newly built home, or a home, which was recently purchased by a new owner. Download Form
Request to Rescind Principal Residence Exemption (T-1067) is used to rescind an exemption on a property that you no longer occupy as your principal residence. Download Form
Agricultural property is also exempt from the 18 mills of school operating tax. To be eligible, the property must have 50% of its land area devoted to an agricultural use. To receive the exemption, the owner must file the CLAIM FOR FARMLAND EXEMPTION FORM (T-1063).
Property Transfer Affidavit Download Form
As a result of the uncapping provision in Proposal A, the Legislature enacted mandatory disclosure of all transfers of property in the State Of Michigan. The Property Transfer Affidavit (L-4260) is the form used to fulfill this disclosure requirement. The new owner of the property is REQUIRED to file the Property Transfer Affidavit with the local assessor within 45 days of the transfer of ownership.
Public Act 591 of 1996 is a new law (PA 591), which amends the Subdivision Control Act of 1967, PA 288, 1967. PA 591 changes the name of the Subdivision Control Act to the Land Division Act and incorporates a variety of changes to the manner in which properties may be split without being platted. The measure was signed by Governor on January 21, 1997 and filed as law on January 22, 1997. PA 591 will become effective on March 31, 1997.
The Land Division application is to be filed with the assessor. The application can be obtained by calling the office.
All forms are also available in the assessor’s office and need to be filed with the assessor.