Calculation of 2022 Inflation Rate Multiplier - State of Michigan
Inflation Rate Multiplier for use in the capped value formula and the “Headlee” Millage Reduction Fraction (MRF) formula
Including a list of IRM rates since the implementation of Proposal A (1995).
Each year, the state constitution requires an inflation rate to be calculated to be used for property tax purposes. State uses the Federal Consumer Price Index to set the rate. This will impact any property that is increasing in value or where there is a difference between taxable value and state equalized value (SEV).