The primary function of the Assessing Office is to accurately estimate the market value of taxable properties within the community. As properties are sold, a record of the sales prices and transaction dates are kept. Later, a market study is conducted to determine the ratios at which comparable properties are being sold in various areas throughout the community. Public Act 206 of 1893, as amended, established the General Property Tax Law under which the Assessing Office operates. Section I of the law states, "… that all property, real and personal, within the jurisdiction of this state, not expressly exempted, shall be subject to taxation."
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The Assessing Office is also charged with maintaining up-to-date records on all properties within its jurisdiction. Information including current property ownership, legal description, property dimensions, improvements, and land use is maintained.
Assessed Value/Taxable Value
The assessed value of a property in Michigan is 50% of its True Cash Value. To determine the assessed value, the Assessing Office considers the following 5 factors: Taxable status, ownership, description of property, location of property, and market value. The term True Cash Value is defined in the tax law as the "Usual Selling Price which could be obtained therefore at private sale." Taxable value is the value that taxes are based on pursuant to Proposal A of 1984 . It is a mathematical computation based on the previous year’s taxable value adjusted by the CPI and any additions or losses from the previous year.