How are property taxes assessed in Detroit?
In the State of Michigan we are required to assess property at 50% of True Cash Value. True cash value in other words is the Market Value of a property. To accurately assess the properties in the City of Detroit, the Office of the Assessor studies the real estate market throughout the City.
How is property assessed in Michigan?
In Michigan, the assessed value is equal to 50% of the market value. That number is then multiplied by 0.5 to reach assessed value. If you buy a new home taxable value (the amount your taxes are based on) is equal to assessed value.
Who owns abandoned property in Detroit?
The Detroit Land Bank Authority
The Detroit Land Bank Authority owns vacant residential properties, including homes, side lots, and vacant land that may be developed.
What is a tax assessment on a house?
A tax assessment determines the value of a piece of real estate. Tax assessment is usually conducted by a government assessor who uses the assessed value of a property to calculate the amount of tax due on it. Regardless of the type of home you own, you can expect to pay property taxes.
Who will determine assessed value?
assessor
An assessor finds the assessed value of a home based on the market value, the appraised value, or a uniform percentage of the two. Municipalities and counties employ an assessor to determine the assessed value of the homes in their jurisdictions.
How is property assessed in the city of Detroit?
To accurately assess the properties in the City of Detroit, the Office of the Assessor studies the real estate market throughout the City. The City is divided into geographical areas. Sales of similar homes are compared to determine the overall market change which allows a closer evaluation process.
Where can I find zoning maps for Detroit?
City of Detroit Zoning Maps Report Link http://www.detroitmi.gov/How-Do-I/Apply-for-Permits/Zoning-Map-Index View City of Detroit zoning map index, including map with zoning details. A Detroit Property Records Search locates real estate documents related to property in Detroit, Michigan.
How is the assessed value determined in Michigan?
The assessed value is a yearly estimation performed to decide the reasonable market value for your home based upon prevailing local real estate market conditions. The Michigan Constitution requires that property be uniformly assessed and not exceed 50% of the usual selling price, often referred to as True Cash Value.
What does the Office of the Assessor do?
The mission of the Office of the Assessor is to discover, list and value at current market conditions all real and tangible personal property in the City of Detroit for the purposes of levying the tax lawfully imposed and to warrant said levy to the Treasurer of the City of Detroit for collection.