What Does It All Mean?
This term refers to the value placed on a property by the local assessor, and is 50% of the assessor's determination of the property's market price.
What is Assessed Value?
Your new pool and patio prompted the assessor to increase this property value which may lead to higher taxes.
What is taxable value?
Sure you can pay your property taxes by credit card, but you will incur this additional fee.
What is a convenience fee?
This type of taxable property includes Houses, Office Buildings, vacant land.
What is Real Property?
I'm a snow bird. I love my place in MI but I spend the December-Feb in Florida.
What is a PRE?
This exemption was recently increased from 80,000 to 180,000 of true cash value starting in 2023.
What are Small Business Personal Property Tax Exemption?
This value is used to calculate property taxes and can only increase annually by the lesser of 5% or the inflation rate, unless the property is sold or transferred.
What is Taxable Value?
You don't have to go on 'Survivor' to have this administrative court hear an appeal to your property tax assessment, classification, and exemptions.
What is the Michigan Tax Tribunal?
Even though your taxable value was capped, voters approved a ballot measure to raise this tax rate that is applied to your taxable value to fund the police department.
What is the millage rate?
The property tax rate in Michigan is referred to by this term, which represents the tax per $1,000 of taxable value.
What is Millage Rate?
Even if a business closes partway through the year, the owner may still owe property taxes if they had this type of property in your municipality on December 31st of the previous year.
What is Personal Property?
Sure I work in an office in Ann Arbor, but my place is South Haven is worth a fortune.
What is Not a PRE?
This type of authority captures property taxes above a base value to fund public improvements in business districts to encourage development and historic preservation.
What is a Downtown Development Authority? (DDA)
These are the due dates for Summer and Winter taxes respectively for township treasurers.
What is September 14th and February 14th?
Properties that are not subject to taxation under the General Property Tax Act are referred to by this term.
What are exempt properties?
High inflation rates in 2022 and 2023 triggered this maximum annual increase in this value allowed under Michigan law.[Must provide the number and term]
What is a 5% increase in taxable value?
These are the ‘Big 3’ mortgage company servicing companies
Who are Corelogic, Lereta, and Wells Fargo?
These levies are designed to recover the costs of improvements that confer local and peculiar benefits upon property within a defined area, and are not considered property taxes.
What are special assessments?
My wife lives and works up north. I work in Detroit. We both have houses and see each other on weekends.
What is They both can have PREs?
This project based authority captures incremental property tax increases from redevelopment of contaminated, blighted, or functionally obsolete properties to reimburse developers for eligible cleanup and redevelopment costs.
What is a Brownfield?
The taxable status and value of real and personal property is determined as of each December 31, which is known by this term.
What is tax day?
This 1994 constitutional amendment capped annual increases in a property's taxable value to the lesser of 5% or the rate of inflation.
What is Proposal A?
Your recent purchase of the property triggered this event that increases the assessed and taxable values your tax bill is based upon.
What is uncapping?
This document is required to be sent annually from each taxing authority to the local treasurer for the purposes of establishing the millage rates to be billed each season.
What is the L-4029?
Municipalities can charge up to 1% of the taxes owed to cover the costs of assessing and collecting the taxes.
What is an administration fee?
I am now unemployed and had to rent out the spare bedroom in my house.
What is a Partial PRE?
This exemption provides a 50% tax abatement for up to 12 years on new industrial plants or renovation of existing facilities.
What is Industrial Facilities Tax? (IFT)
I just bought my house in August. The previous owner didn't live in the house, but I still qualify for this.
What is a Winter Only PRE?
This term translated directly from Latin means "according to the value [of something]"
What is Ad Valorem?
The removal of the Principal Residence Exemption resulted in the addition of this millage name and amount to your tax bill.
What is School Operating 18 mills?
Michigan property owners receive this annual notification in March that explains how their property assessment and taxable value were determined.
What is the property assessment and taxable value notification letter?
The revenue from this school millage creates a fund to pay cash for certain allowed expenses rather than the district having to borrow money through bonds or notes.
What is a sinking millage?
I bought my daughter a condo in East Lansing to use while she's attending MSU.
What is it depends. if it's in the daughter's name, she could have a PRE.
You can create this zone which reduces taxes for new construction and rehabilitation projects in eligible distressed communities.
What is a Neighborhood Enterprise Zone (NEZ)?
This 1978 constitutional amendment requires tax rates to be 'rolled back' if the increase in a taxing units equalized value increases by more than the inflation rate.
What is the Headlee Amendment?