The City will mail the 2014 Notice of Assessment, Taxable Valuation, and Property Classification (1019) form to all property owners on Friday February 28, 2014. In the center near the left side of this annual notice there is a new feature that details how the change in taxable value should increase or decrease the 2014 tax bill for all of the residential property owners in the City.
The 2014 March Board of Review (BOR) will be in session from March 17, 2014, until at least March 21, 2014. These 2 3-member committees, made up of City residents, are responsible for hearing appeals of assessment figures, property classification and hardship exemption appeals. It is the responsibility of the BOR members to review the assessments placed on all of the properties that are appealed and to determine whether these values represent the actual true cash value of each specific property. Please see your assessment notice for more information on making an appointment with the 2014 BOR. All property owners that file an appeal to the 2014 March BOR will receive a written response around the first week of June. Residential property owners that are not satisfied with the decision of the BOR will have the right to appeal to the Michigan Tax Tribunal.
Another important issue to address is that the specific sale price of a property will not automatically determine that property’s assessed value in the year following a transfer. The Assessing Office determines a land and building value for all of the properties in the City and annually adjusts these values based on sales that have occurred during each sales study period. Although current law defines a property’s assessed value as the “true cash value” of a property, not every sale price will reflect that property’s actual market value. For example, one would expect that the sale price from parents to one of their children could be less than if they had sold to someone with which they had no prior relationship. That is the reason that the Assessing Office determines assessed values by using accepted mass appraisal techniques and does not reassess properties based on one sales transaction.