posted on April 09, 2014 by Willingham & Cote
by Scott Breen, Real Estate
Each year, the city/township assessor determines the “assessed value” of real estatewithin its jurisdiction. This is equal to one-half of the fair market value of your property. The “taxable value” (which ultimately determines your property taxes) is then calculated based on this assessment. If you believe that your assessment (and taxable value) is too high, it may be advantageous to appeal this determination.
With respect to residential property, there are two steps to the appeal process. You must first appeal to the local Board of Review during the month of March, which is generally a very informal meeting to present an appraisal or comparable properties. If the Board of Review does not sufficiently reduce the assessed value, you are then permitted to appeal to the Michigan Tax Tribunal on or before July 31.
There is Still Time to Appeal Commercial Real Estate Taxes
With respect to commercial and industrial real estate, there is no requirement that the property owner appeal the valuation to the local Board of Review. The property owner may appeal the assessment directly to the Tax Tribunal. However, the deadline for filing a petition with the Tax Tribunal is May 31. Therefore, if you believe that the assessed value (and corresponding taxable value) is too high, you still have time to file an appeal and hopefully reduce your tax bill.