![]() ![]() Generally, residential property values increased for 2023. However, if Proposal A were not in place for these properties, their property taxes would be based on SEV and their property taxes would be higher. In such cases, the mechanics of Proposal A may seem unfair. This is true even though those properties SEV may have decreased. Since TV is the lesser of SEV and the prior year TV multiplied by the inflation rate multiplier, these properties TV increased by the rate of inflation (5.0%) for 2023. Even with recent economic downturns, many properties have an SEV greater than the TV. Over time, many properties SEV has become much greater than their TV. Proposal A did not limit the growth of SEV. (Exceptions include a transfer of ownership, omitted property, new construction, changes in millage rates, etc.) Under Proposal A, annual property taxes can increase or decrease no more than the rate of inflation or 5%, whichever is less. This limited increases in property taxes by how much taxable value can increase each year as opposed to being levied on SEV. Generally, residential property values increased for 2023.Ĭan my taxes go up if market values have gone down? Because they are separately calculated, TV may increase even when AV has decreased. TV changes are based on a formula involving the rate of inflation (positive or negative) and any physical changes to the property (new construction or demolition). AV is tied to market value and reflects market changes. The AV changes with the real estate market and can go up or down without limitation. Your property’s AV and TV are separately calculated. Will my property valuation be decreasing as well? Property values in my neighborhood have been decreasing. Property owners should call 517.853.4400, email one of our staff members or stop by the office with their questions and concerns. However, Assessing staff is willing to answer your property inquires all year long. Assessor’s Review is specifically dedicated for property owners to informally reach out, ask questions and talk about their property with Assessing staff to understand the assessing process and resolve any differences. See your Annual Change Notice and our website for this year’s dates and times. The Assessing Department has an annual Assessor’s Review each year at the end of February prior to the formal March Board of Review. Some requests may fall under the Freedom of Information Act (FOIA) and an expense may apply. Requests for records and copies of Assessing documents should be made through Assessing Clerk Danielle Hughes by calling 517.853.4400 or emailing Our clerk will respond to your request within three business days. Assessment information is available 24/7 free of charge through the department website. For personal attention to deliver completed forms, copy record cards, view assessment rolls or property inquiries you may visit the physical location of the Meridian Township Assessing Department on the Second Floor of the Meridian Township Municipal Building, 5151 Marsh Road, Okemos, Michigan 48864. ![]()
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