How is my property value calculated?

All values are calculated according to State Tax Commission (STC) standards. Property valuation in Michigan is a mass appraisal system that incorporates the cost approach, the sales comparison approach, and the income approach to value. Each year the assessor is required to analyze sales within economic neighborhoods using a two-year study. The results of the studies are applied to the neighborhoods so that assessed values are at 50% of market value.

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1. What does the Assessing Department do?
2. What is the difference between Assessed Value and Taxable Value?
3. How are my property taxes calculated?
4. How is my property value calculated?
5. Shouldn’t the Assessed Value be half of what I paid?
6. I recently purchased a home. Will my property taxes be the same as the prior owner’s taxes?
7. What is the Principal Residence Exemption or “Homestead” exemption?
8. Are there any other exemptions/reductions available to me?
9. What is a Property Transfer Affidavit?
10. What is the Real Property Statement that you mailed to me and why are you asking me for this information?
11. What if I am unhappy with my assessment?