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.
2024 Capped Value Formula is as follows:
2024 CAPPED VALUE = (2023 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:
March Board of Review Assessment 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
Michigan Taxes - Property Taxes
Outside real estate source information
- Home Prices Hit All-Time High, Leading Apartment Renters to Favor Long Leases
- The Final 2023 Real Estate Numbers Are In. Can You Guess How Northern Michigan Did
- New Report Shows Local Housing Trends, “Major Hurdles” with Affordability and Availability
- Record-Eagle - Housing market continues to astound
- FROM FRENZY TO FOCUS: NORTHERN MICHIGAN’S REAL ESTATE UPDATE FOR FALL 2023
- Central Traverse City, MI Housing Market - Redfin
- A Look at Some of the Year's Biggest Commercial Real Estate Surprises_CoStar
- Aspire North - 2021: A Year for the Record Book for Traverse City Commercial Real Estate
- Leelanau Enterprise - Home sales up by 41.5%
- Leelanau Enterprise - High property values generate more revenue
- TC Ticker - Real Estate Sales Slow, But Market Remains Active
- Aspire North - Trends in Commercial Real Estate Since the Pandemic
- Aspire North - 2020 Commercial Real Estate by the Numbers