What is Taxable Value?

Taxable Value (TV) is the lower of a parcel’s SEV or capped value. Per Michigan law, TV can only increase annually by the rate of inflation or 5%, whichever is lower, except that the TV can be increased when something new is added to the property (Additions) or if the assessor discovers there is omitted property. TV can also “uncap” which means it increases equal to the SEV in the year following a transfer of ownership. TV can never be higher than SEV, but it can be lower.

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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?