The Assessor's office reviews a portion of the properties in the City every year. This process includes:
Updating the exterior photo of the property
Reviewing aerial photos
Reviewing the condition of the structure
Why do we do this?
The Assessor's office has the responsibility to assess all property in the city at 50% of fair market value. This includes homes, commercial properties, vacant land and personal property. To meet the standards of the State Tax Commission, the Assessor's office reviews a portion of the properties every year. This allows the City to keep accurate records.
The market value is the probable price that a property would sell for in an arm's length transaction between a willing buyer and a willing seller. In Michigan, market value is the "True Cash Value" (TCV). To find the fair market value of a property, the Assessor gathers the following information:
Building size and quality
Real estate sales
In some cases, rental incomes and operating expenses
The Assessor uses this information with mass appraisal techniques to estimate the property's value. This annual review ensures the Assessor is using the most accurate data for the estimate.