What is the assessed value?
The assessed value is 50% of the estimate of fair market value, which is calculated by the local assessing department.
What is taxable value?
The taxable value is a calculated number based on the last year’s taxable minus losses times the CPI plus additions to the property.
Why did my assessed value go down, but yet my taxable value go up?
Unless there is a transfer of ownership, assessed value and taxable value have nothing in common, and are independent of each other. The taxable value will not be higher than the assessed value, however.
When are assessed values for each property determined?
December 31 of each year is “tax day” throughout the State of Michigan. Values are determined as of this date with the status of the property and the economic conditions of the area given consideration.
I haven’t done anything to my property in the past year, so why does my assessed value continue to go up?
Market value is a product of the sales in the area. Changing real estate values in a community will be reflected in the assessed values. As prices increase/decrease, so will assessed values. All properties do not change to the same degree. Some properties increase more rapidly than others do.
If I am unhappy with the assessed value or the taxable value of my property, what can I do about it?
Talk to the Assessor about the valuation of your property. Ask to check the parcel record card for your property to make sure that all of the data on the card is correct. When your new assessed value notice comes in February, you may call the Township Office to make an appointment with the March Board of Review. The March Board of Review will hear your appeal and will make a decision using their best judgment.
I will be out of town during the March Board of Review. How can I appeal my assessment?
You may either send a personal representative or you may appeal in writing by sending your correspondence to: Park Township, Attention March Board of Review, 52 S. 152nd Ave, Holland, MI 49424.
What if I am not satisfied with the Board of Review’s decision on my appeal?
Your next step would be to file an appeal with the Michigan Tax Tribunal. This appeal must be filed with the Tribunal by July 31st for agricultural and residential, and May 31st for commercial. You MAY NOT appeal to the Tribunal unless the local Board of Review has first heard you.