Township Assessor ~ Jessica Landry, MAAO
Township Assessor ~ Jessica Landry, MAAO
The Assessing Department is responsible for identifying and valuing all taxable real and personal property within a City or Township for the equitable distribution of the property tax burden in accordance with Michigan's General Property Tax Act and other applicable statutes.
In addition, the Assessing Department is responsible for
- Maintaining property record cards for each parcel within the unit. These records include legal descriptions, land values, land improvements, building information, building values, exemption status, zoning information, etc.
- Creating and maintaining an Assessment Roll annually.
- Maintenance of all sales transactions on both vacant and improved properties; identifying and recording all new ownerships, processing related Property Transfer Affidavits, Homeowner’s Principal Residence Exemptions and Requests to Rescind.
- Establishing land values and economic condition factors throughout the township annually.
- Field inspections of all new construction projects and updating the property record cards accordingly.
- Land Division requests and processing.
- Periodic inspections of all real property parcels.
- Defending appeals to the Michigan Tax Tribunal.
Understanding Your Property Assessment & Taxable Value
Understanding Your Property Assessment & Taxable Value
What is Assessed Value (AV)? The assessing officer in the local government unit is required to establish the assessed and taxable value of all real and tangible personal property within the unit as of December 31 of each year. AV represents 50% of the True Cash Value of your property. The law defines True Cash Value as the usual selling price of the property on an open market with no stress, or unusual conditions placed on the sale. The Michigan Legislature &Michigan Supreme Court have clearly stated that the actual sales price of a property is not the only controlling factor in the True Cash Value and the Assessed Value as calculated by the assessing officer. The Assessing Office will analyze all sales using a mass appraisal technique that takes into account the current cost to replicate your house and then depreciates that cost based on the age of the structure. It is then adjusted to market value by comparing the depreciated cost of homes that have sold in your area. This will allow the assessor to arrive at a uniform and equitable assessment for all properties.
What is Taxable Value (TV)? For tax purposes, the taxable values were capped at the 1994 value and can only increase at the rate of inflation or 5%, whichever is less. TV is a mathematical formula which is based on the preceding years Taxable Value increased by the Inflation Rate Multiplier (IRM). The 2024 IRM for the entire State has been determined to be 5.1%. As the current rate of inflation exceeds 5%, the 2024 IRM will be capped at 5% (expressed below as a ratio) and is applied by Statewide by each municipality. In addition to the IRM, Taxable Value may also increase for physical additions or transfer of ownership and may decrease for physical losses.
How do I figure out my 2024 Taxable Value?
2024 TAXABLE VALUE = (2023 Taxable Value – LOSSES) X 1.050 + ADDITIONS
Ok, so how do I calculate my ACTUAL taxes?
Assume the 2024 Taxable Value of your Principal Residence is $100,000 and the millage rate is 36.5098. Your annual property tax would be calculated as follows: $100,000 x .0365098 = $3,650.98 **This is an example only to show the process**
Inflation Rate Multiplier
Inflation Rate Multiplier
Based on this statutory requirement, the calculation for 2024 is as follows:
1. The 12 monthly values for Oct 2021-Sept 2022 are averaged.
2. The 12 monthly values for Oct 2022-Sept 2023 are averaged.
The ratio is calculated by dividing the average of column
two by the average of column one.
The specific numbers from the US Dept of Labor, Bureau of Labor Statistics:
21-Oct: 276.589
21-Nov: 277.948
21-Dec: 278.802
22-Jan: 281.148
22-Feb: 283.716
22-Mar: 287.504
22-Apr: 289.109
22-May:292.296
22-Jun: 296.311
22-Jul: 296.276
22-Aug: 296.171
22-Sep:296.808
Ave: 287.723
22-Oct: 298.012
22-Nov: 297.711
22-Dec: 296.797
22-Jan: 299.170
23-Feb: 300.840
23-Mar: 301.836
23-Apr: 303.363
23-May:304.127
23-Jun: 305.109
23-Jul: 305.109
23-Aug: 307.026
23-Sep: 307.789
Ave: 302.289
Ratio 1.051
% Change 5.1%
"Inflation rate" means the ratio of the general price level for the state fiscal year ending in the calendar year immediately preceding the current year divid​ed by the general price level for the state fiscal year. Local units CANNOT develop, adopt or use an inflation rate multiplier other than that issued by the State.
"General price level" means the annual average of the 12 monthly values for the United States consumer price index for all urban consumers as defined and officially reported by the United States department of labor, bureau of labor statistics.
Inflation rate multipliers used since the start of Proposal “A”:
1995: 1.026 2006: 1.033 2017: 1.009
1996: 1.028 2007: 1.037 2018: 1.021
1997: 1.028 2008: 1.023 2019: 1.024
1998: 1.027 2009: 1.044 2020: 1.019
1999: 1.016 2010: 0.997 2021: 1.014
2000: 1.019 2011: 1.017 2022: 1.033
2001: 1.032 2012: 1.027 2023: 1.050
2002: 1.032 2013 1.024 2024: 1.050
2003: 1.015 2014: 1.016 2025: TBD
2004: 1.023 2015: 1.016 2026:TBD
2005: 1.023 2016: 1.003 2027: TBD