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O.T. Property Tax Accessment
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Posted by Frank (N.Mi.) on March 08, 2005 at 16:48:11 from (66.202.124.122):
Well, since a whole bunch of us are "lucky"
enough to pay property taxes, I thought I'd post my latest tax acessment story. I live in Michigan. In 1995 the rate that our property taxes could increase was limited by the Headlee Amendment. We swapped this for an increase in the State Sales Tax.
Property taxes are now calculated based on something called the "taxable value" of your property plus an annual multiplier based on rate of inflation.
I think the "taxable value" of property is based on the 1995 accessment. In any case it is now far lower then the State Equalized Value of my property.
I received in the mail today our 2005 accessment notice. Interestingly enough, our 2005 state equalized value is lower then the 2004 s.e.v. by over four figures! Despite this, our taxable value for 2005 has increased by several hundred dollars! Anyone else have this pleasant experience?
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