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A property's value can change for many reasons. The most obvious is that the property changes: a garage, or swimming pool is added, or part of the property is destroyed by flood or fire. The most frequent cause of a change in value is a change in the market value.
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The Assessor is responsible for estimating the value of your property, which determines your assessed valuation. The Assessor does not determine your property taxes. Instead, the assessed valuation determines the overall share of taxes you pay. Because your assessment affects your property taxes, it is important that your assessed value be accurate and fair. It is also important that you understand how the value of your property is estimated and what can cause property values to change.
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, the square footage of land and improvements, whether or not the improvements include a garage, the number of bathrooms, and the nature of amenities such as swimming pools and fireplaces.
To comply with the State Tax Commission guidelines, Texas Township is required to conduct field review of 20% of its properties every year (State Tax Commission (STC) Bulletin 2 of 2014 (PDF)).
The property review is to ensure all buildings and structures are accounted for and accurately measured. Property Record Card photos should also be updated at this time.
If you received a postcard, your property will be reviewed this year. Assessing staff will be going house to house measuring the outside of buildings and structures on the property. Staff will not need to, nor will ask, to come inside your home. They will also take digital photographs, front and back. If you are not home at the inspection day, staff will leave a door hanger at your door to let you know they have been there.
The Township Office will be aware of the schedule and who will be working in your property. Call the office if you have any questions about who might be knocking at your door.
Please call the Assessor if you have any questions or concerns.
State Equalized Value (SEV): 50% of Market Value or True Cash Value, commonly referred to as your property assessment.
Capped Value (CV): The formula is: Previous year's Taxable Value minus Losses (physical changes to the property) times the Consumer Price Index (CPI) or 5%; whichever is less, plus Additions (physical changes to the property), (TV-Losses multiplied by CPI (5%) plus Additions equals CV)
Taxable Value (TV) is the value upon which property taxes are based. TV is the Lesser of State Equalized Value (SEV) or Capped Value (CV). TV in the year following a transfer of ownership (sale, gift inheritance, etc.) is equal to the SEV.
State tax law MCL 211.27 states that the purchase price is no longer the presumptive True Case Value of a property. The assessment may be close to 50% of the purchase price but the property SEV is determined by investigating the other sales in the vicinity of the property. All of the SEVs in the vicinity of the property are set using that sales study.
Sale prices going down in the neighborhood will not be reflected immediately in your assessment. The State allows for a two year sales study. That study includes sales a much as 24 months old; those older sales produce a value that is at least 9 months behind the market.
By law, the only time you may appeal you assessment is at the March Board of Review. However, you may meet with the Assessor at any time during the year to discuss your assessment.
State law provides the next level of appeal at the Michigan Tax Tribunal. You are required to file a petition with the Michigan Tax Tribunal by July 31st following an appeal to/at the March Board of Review. Access petition forms.
The Principal Residence Exemption (PRE) (formerly known as the homestead exemption) exempts a residence from the tax levied by a local school district for school operating purposes. The qualifications in Texas Township are simple: you must own and occupy the home as your principal residence on or before November 1st (other municipalities may utilize a June 1st deadline) and file the Principal Residence Exemption (PRE) Affidavit (Form 2368) with the Township's Assessor. The exemption continues until the use of the home as your principal residence changes. When the change occurs, you must file a Request to Rescind Principal Residence Exemption (Form 2602) with the Assessor's Department. Proposal A and state law does not allow for partial credit. As an example, even if you move into a non-homestead property on November 5th, the exemption does not begin until the following year. Recent legislation has allowed the granting of a second homestead in certain conditions. A "Conditional Rescission" (Form 4640) is available when the previous principal residence is not occupied or rented and is listed for sale. Please contact the Assessing Department if you think you qualify for the additional exemption.
The PRE is different from the Homestead Property Tax Credit, which is related with your Michigan Individual Income Tax Return.