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, 231-922-4450. Please call our office prior to Friday, March 10, 2023, to discuss your questions with an assessor or schedule an appointment with the March Board of Review.

MBOR meetings: Monday, March 13th, 9 am to 3 pm & Tuesday, March 14th, 3 pm-9 pm City Assessing Department, 400 Boardman Avenue, Governmental Center, Traverse City, MI 49684

Please check the City Calendar for further information.

Information regarding your Assessment Change Notice

  • The Assessment Notice is 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. 

2023 Capped Value Formula is as follows:

2023 CAPPED VALUE = (2022 Taxable Value – LOSSES) X 1.05 + ADDITIONS

Michigan Department of Treasury * Procedural Changes

WHY YOUR ASSESSMENT CHANGED. The assessor recalculates the value of property every year, as of tax day, 12/31.

The Assessment Change Notice 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

Assessing property information may be obtained here:

Traverse City Tax Parcel Viewer
up-to-date property sales and information - City of Traverse City only
 

March Board of Review property reports

Property Assessment & Tax Search (BS&A Software)

How to read your Assessment Change Notice (ACN)

State of Michigan - Boards of Review Informational Page

Board of Review page link

Michigan Taxes - Property Taxes

Outside real estate source information