The Assessor’s office is required by Michigan General Property Tax Law to annually review and value all taxable property at 50% of market value. On March 15, 1994 Proposal A was adopted by Michigan voters. Proposal A established a new property tax base for Michigan which is known as Taxable Value. Starting in 1995, taxable value is the base for calculating property taxes. Prior to 1995, the SEV was the base for taxes. Proposal A provides that until the property is transferred (sold) taxable value may only increase by the rate of inflation or 5% whichever is less, plus the value of additions and losses. The SEV will continue to increase or decrease with the changing market. The Assessor does not create changes in property value; they simply have the legal responsibility to recognize changes as they occur.
The Assessing Department also tracks of property ownership, land divisions, Principle Residence Exemptions (P.R.E.'s), and building details for all parcels located within the City.