Why isn't my new assessment 50% of my purchase price?

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.

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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?