HOW IS THE SEV AND TAXABLE VALUE CALCULATED ON MY PROPERTY?
Michigan law requires each city to include both a SEV and Taxable Value on its Assessment Roll. The SEV represents 50% of true cash value. The Taxable Value is the amount that the owner will pay taxes on. The SEV is calculated by sales studies of properties selling in Garden City 24 of the prior 36 months. The Taxable Value is increased annually by the Consumer Price Index or 5%, which ever is less until the property ownership is transferred, and then the Taxable Value is UNCAPPED.
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