Michigan statutes require that all real and personal property, subject to taxation, be assessed annually.
Assessments are estimated at 50% of the property's market value. However, property owners pay taxes based on the property's taxable value. Taxable value is the lesser of assessed value or the prior year's taxable value minus losses, increased by the lesser of 5% or the Consumer Price Index (CPI), plus additions. A transfer of ownership will change the taxable value to the assessed value in the year following the transfer of ownership. Other Information
