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ASSESSOR NOTES 2010 Information Courtesy of Township Assessor - Vickie Moellmann _______________________________________________________ Property Data - Assessing & Tax Info (Click on the link above to access Marion Township Property Information) The information below is to help you understand assessing SALES STUDY USED FOR 2010 VALUES The following is a brief explanation of the items contained in your assessment notice: 1. What is the difference between assessed value and taxable value? The State of Michigan requires that properties be assessed at 50% of the true cash (or market) value of the property. Taxable value is determined by taking the prior year taxable value minus any losses (such as fire and demolition), multiplying by the current year CPI, plus any additions (such as new construction). Since the passage of Proposal A in 1994, property taxes are calculated on taxable value. Prior to Proposal A, property taxes were calculated on assessed value. CPI is defined as Consumer Price Index. 2. How are my property taxes calculated? Taxable value times millage rate equals the amount of your tax bill unless there are special assessments. 3. What is a Principle Residence Exemption? The Principle Residence Exemption was formerly called the Homestead Exemption. The State of Michigan changed the name to alleviate confusion with the Homestead Exemption Claim filed on your individual tax return each income tax year. The PRE exempts you from paying up to 18 mills of school operating tax, on your principle residence you own and occupy. The deadline to receive the exemption in the 2010 tax year is May 1st, 2010. You must file for this exemption by completing a PRE Affidavit, available at the Township Hall or at the following website. Principle Residence Exemption Form 4. What is a Property Transfer Affidavit? A Property Transfer Affidavit is required to be filed within 45 days of the transfer of ownership of property to notify the Assessor to uncap the taxable value in the year following a transfer. Click on the link below to access the form. 5. What is uncap? Under Proposal A, a property is "uncapped" in the year following a transfer of ownership. This means that the taxable value for the year following a transfer will be the same as the assessed value for that year. This can result in a change in taxes for a new property owner in the first year of ownership. After the first year, the taxable value is again subject to the inflationary rate. 6. Why are my taxes much higher than my neighbor's? Under Proposal A, you and your neighbor can live in identical houses and pay a different amount of taxes. If your neighbor has lived in his house for several years and you just purchased yours, you may pay more taxes than your neighbor. However, the assessed values may be the same. 7. When will my house be fully assessed? All properties are assessed as of December 31st of each year. If your new house is not started as of December 31st, you will only be assessed for vacant land until the following December 31st. If your new house is partially completed as of December 31st, you will be assessed for the portion of the house that is complete. The remainder of the value will be added to the assessment the following December 31st. A house that is completed as of December 31st will be fully assessed. 8. How often is my property evaluated? The General Property Tax Law requires all properties to be evaluated each year. This does not necessarily mean that a field inspection is made of each property each year. Other forms of evaluation include, but are not limited to: building permits, sales studies, and parcel splits/combinations. 9. How is my assessed value determined? Land values are determined based on sales of vacant land that occur within Marion Township. The building size and features are measured and cost out using the State Assessors Manual which contains average construction costs for the State of Michigan. The resulting cost is then adjusted by a county multiplier which will adjust the State costs to Livingston County costs. This resulting value is further adjusted by an ECF (economic condition factor), which will adjust the value to the Marion Township market. This final building cost is added to the land value for a true cash (or market) value. 50% of true cash value is the assessed value. 10. How can I appeal my assessed value? When you receive your Notice of Change of Assessment in late February, if you disagree with any of the information included, you may call my office and I would be happy to review your record with you. We may be able to resolve your concerns without making a formal appeal. The Board of Review meets every March to hear appeals of assessments. The dates and times of the meetings are printed on the Notice of Change of Assessment that you receive in late February. Once the Board of Review has adjourned, the assessments are set until the following year. If you are not satisfied with their decision; you may appeal to the Michigan Tax Tribunal. The information for doing so is also printed on the Notice of Change of Assessment. Please feel free to call 517-546-1588 if you have any questions or e-mail to Marionassessor@ameritech.net If you have specific questions regarding your property tax assessment, please contact the Assessor's office. |
