2024 Assessed Values
2024 Assessed Values (AV) have been determined using a 24-month sales study period consisting of an analysis of all arm’s length sales that occurred during the months of April 1, 2021 thru March 31, 2023.
Sales that were excluded from this analysis were transactions that included such things as new construction, properties that had been split during the year, partial interest transferred, family sales, and foreclosures.
County sales studies are required of the County Equalization Departments and must be submitted to the Michigan State Tax Commission (STC) prior to December 31 annually. The Equalization Department determines the overall ratios of the assessed values to the sale price by class of property (i.e. agricultural, commercial, industrial, residential classes). Using these ratios, the assessors will use a mass appraisal approach to value to determine the overall adjustments needed by the class of property and how the adjustments will be applied to the different economic condition neighborhoods (ECF neighborhoods).
After adjustments, the ratio for each class of property must be over 49% and less than 50%. An initial cost approach to value is used to determine a property’s value and then compared to other properties and adjusted using mass appraisal techniques and factors. Other approaches to value may be used such as the income approach and the sales comparison approach to value.
The overall assessed value of each property should be approximately 50% of market value.
Michigan Property Tax Law States: 211:10e…All assessing officials, whose duty it is to assess real or personal property on which real or personal property taxes are levied by any taxing unit of the state, shall use only the official assessor’s manual or any manual approved by the STC, consistent with the official assessor’s manual with their latest supplements, as prepared or approved by the state tax commission as a guide in preparing assessments.
Sales that were excluded from this analysis were transactions that included such things as new construction, properties that had been split during the year, partial interest transferred, family sales, and foreclosures.
County sales studies are required of the County Equalization Departments and must be submitted to the Michigan State Tax Commission (STC) prior to December 31 annually. The Equalization Department determines the overall ratios of the assessed values to the sale price by class of property (i.e. agricultural, commercial, industrial, residential classes). Using these ratios, the assessors will use a mass appraisal approach to value to determine the overall adjustments needed by the class of property and how the adjustments will be applied to the different economic condition neighborhoods (ECF neighborhoods).
After adjustments, the ratio for each class of property must be over 49% and less than 50%. An initial cost approach to value is used to determine a property’s value and then compared to other properties and adjusted using mass appraisal techniques and factors. Other approaches to value may be used such as the income approach and the sales comparison approach to value.
The overall assessed value of each property should be approximately 50% of market value.
Michigan Property Tax Law States: 211:10e…All assessing officials, whose duty it is to assess real or personal property on which real or personal property taxes are levied by any taxing unit of the state, shall use only the official assessor’s manual or any manual approved by the STC, consistent with the official assessor’s manual with their latest supplements, as prepared or approved by the state tax commission as a guide in preparing assessments.