What Is Assessed Value?

The Michigan Constitution requires that property be uniformly assessed and not exceed 50% of the usual selling price, often referred to as True Cash Value. Each tax year, the local assessor determines the Assessed Value (AV) of each parcel of real property based on the condition of the property as of December 31 (Tax Day) of the previous year. If property values are increasing in your neighborhood, your Assessed Value will likely increase.

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1. What are property taxes based on?
2. What Is Assessed Value?
3. What Is State Equalized Value (SEV)?
4. What is Taxable Value?
5. What is a notice of assessment?
6. How are property taxes calculated?
7. What happens when you purchase a home?
8. What is a principal residence exemption?