How is your property value estimated?

The Assessor estimates the value of your property typically by first examining and collecting information on the physical characteristics of the property. Physical characteristics can include, among others, land and improvements square footage, whether or not the improvements include a garage, the number of bathrooms, and the nature of amenities such as swimming pools and fireplaces. MCL 211.10e requires assessors to use only the official Assessors Manual approved by the State Tax Commission and 

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1. What is the role of the Assessor?
2. How is your property value estimated?
3. What causes property values to change?
4. What is the 20% parcel review?
5. What is a State Equalized Value?
6. What is Capped Value?
7. What is Taxable Value?
8. Why isn't my new assessment 50% of my purchase price?
9. Sales prices are going down in my neighborhood, why hasn't my assessment gone down?
10. When can I appeal my assessment?
11. What happens if I'm not happy with the decision of the March Board of Review?
12. How do I qualify for the Principal Residence Exemption?