![]() ![]() Each year the assessor is required to analyze sales within economic neighborhoods using a two-year study. Property valuation in Michigan is a mass appraisal system that incorporates the cost approach, the sales comparison approach, and the income approach to value. These items may include:Īll values are calculated according to State Tax Commission (STC) standards. Other Items: Other amounts may appear on your tax bill but they are not taxes and are not calculated using your Taxable Value. Therefore it is possible for two properties to have the same Taxable Value but a different property tax amount because they are in different school districts and are subject to different millages. Millage rate totals will vary depending on which school district your property is located within. Your property tax amount is determined by multiplying your Taxable Value by the millage rate. However, your Taxable Value cannot be higher than your Assessed Value. Disregarding transfers of ownership or changes to your property, each year your Taxable Value can rise 5% or the rate of inflation, whichever is less. Taxable Value is derived from a formula created by Proposal A in 1994 which was designed to limit rises in property taxes by "capping" and restricting the rise in Taxable Value to the rate of inflation. ![]() Once equalized and approved by the STC your Assessed Value becomes the State Equalized Value (SEV) and this figure, along with Taxable Value, appears on your property tax bill. What is the difference between Assessed Value and Taxable Value?Īssessed Value is defined by state law as 50% of the market value of the property as of December 31st of the preceding year.The Assessing Department follows the GPTA and State Tax Commission (STC) guidelines in order to determine taxable status, true cash value, assessed value, and taxable value for all real and personal property within Clinton Township. The Assessing Department is responsible for the preparation of the annual Assessment Roll which is completed in accordance with the General Property Tax Act (GPTA). ![]()
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