Reading Your Assessment Change Notice
Michigan law requires assessors to send notices to taxpayers whose taxable or assessed values have increased; the City of Traverse City sends notices to all taxpayers, whether the values have increased, decreased, or remained the same.
If you have any questions or concerns after reviewing your Assessment Change Notice please call and speak with one of the department assessors. If you intend to file with the March Board of Review, we encourage you to call prior or to schedule an appointment with the March Board of Review, call 231-922-4450.
Please call our office prior to Friday, March 5, 2021, to discuss your questions with an assessor or schedule an appointment with the March Board of Review.
The MBOR meeting will be held virtually - Monday, March 8th, 9 am to 3 pm & Tuesday, March 9th, 3 pm-9 pm - please check the City calendar for further information: www.traversecitymi.gov/calendar.asp
Information regarding your Assessment Change Notice
- THIS IS NOT A TAX BILL, WHAT IS IT? The Assessment Notice is just that – a notice; Indicating the change of the estimated market value of the property and the Taxable Value. In addition, the notice provides an estimate of the taxable value change; this estimate is based on the previous year's millages and is an estimate only.
- DO YOU HAVE A PRINCIPLE RESIDENCE EXEMPTION? Having a principal residence exemption saves you approximately $18.00 in actual property tax per $1,000 of taxable value. You must own and occupy the property to qualify.
- ESTIMATED VALUE OF YOUR HOME AND HOW MUCH YOU WILL PAY IN TAXES ON. This area indicates the increase/decrease in assessed value and taxable value. If there is a gap between assessed and taxable, that means that you are paying taxes on less than half of the market value. Taxable Value cannot be higher than the assessed value.
2021 Capped Value Formula is as follows:
2021 CAPPED VALUE = (2020 Taxable Value – LOSSES) X 1.014 + ADDITIONS
WHY YOUR ASSESSMENT CHANGED. The assessor recalculates the value of property every year. This area provides a general explanation of why the assessment changed. Even if you haven’t made any changes to your property in the past year, your assessment will likely change to reflect the current real estate market within your neighborhood.
- If a transfer of ownership occurred, the taxable value must be equal to the assessed value.
- Based upon the change in taxable value, this is an estimate of the change from last year's tax bill.