Yes, See reference list under about us section.
The Assessed Value of a property is 50% of the estimated "true cash value" that a property potentially will sell for in the open market without any special conditions. The Taxable Value is used for the calculation of property taxes. The millages voted in by local taxpayers are spread over the Taxable Value to determine a tax obligation by the taxpayer. Taxes are used to pay for services and schools within the local and county area.
A Certified Residential Appraiser for most cities and Townships is to assess all property in the cities/townships at its estimated fair market value. What? The market value of your property is the probable price that it would sell for in an arm's length transaction between a willing buyer and a willing seller. Market value, in Michigan, is defined as "true cash value". Market value changes from one year to the next.
As of December 31st each year, Tax Day , the Assessor is required by Michigan State Law to assess at 50% of true cash value all assessable property within the Cities/Townships. This includes homes, commercial properties, industrial properties, agricultural properties, vacant land, and personal property used to operate business. After gathering pertinent information, such as sales, construction costs, rental incomes, operating expenses, and interest rates, the Assessor determines a property value in three different ways.
1. Sales Comparison Approach. First, to estimate the value of a property as of a given date, the Assessor selects, objectively analyzes, and makes the necessary adjustment for differences on recently sold comparable homes or properties. It is important to realize that the sales price for an individual property does not necessarily dictate the market value of that property.
2. Cost Approach . Second, the Assessor determines at current materials and labor costs, how much money it would take to replace your home or building with one just like it. This approach provides an estimate of value based on a determination of land value added to the depreciated cost of buildings and other improvements. If your home or building is not new, the Assessor determines how much it has depreciated due to normal wear and tear or any negative factors. The value of your lot as vacant, is also estimated from sales, and added to the value of the home or building.
3. Income Approach . The third approach provides an estimate of value by analyzing the income producing capacity of investment property. Investment property is worth the present value of income that is to be received in the future. This approach is used mostly for appeals of commercial and industrial properties, or for houses used as a rental property.
Since assessments must be set by market value, changing real estate values in the community will be reflected in assessments. Market value is a product of the prices paid for property. As prices increase or decrease, so does market value. Property owners have a responsibility to report any changes to the Assessor on their home or property that would affect value. Most city/township building departments notifies assessing of any building permits issued. If you plan to make changes or demo a house, contact your assessing/building department offices.