How Are Property Taxes Calculated In Michigan? - CountyOffice.org

Описание: How Are Property Taxes Calculated In Michigan? In Michigan, understanding how property taxes are calculated is essential for every homeowner. Property taxes are based on the taxable value of your property, which is determined by the local assessor. The taxable value is calculated by taking 50 percent of the property's market value. This value can increase annually by the rate of inflation or 5 percent, whichever is lower.

To further understand your property tax obligations, it's crucial to be aware of the millage rates set by local governments and school districts. These rates are applied to the taxable value, with one mill representing one dollar of tax for every $1,000 of taxable value. Exemptions and credits, such as the Principal Residence Exemption (PRE) and the Michigan Homestead Property Tax Credit, can provide relief for eligible homeowners.

To ensure accuracy in your property tax assessments, it's recommended to review them annually. In case of disputes, property owners can seek resolution through the local Board of Review or the Michigan Tax Tribunal. Stay informed and proactive about your property taxes to avoid any surprises.

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