I just purchased my home. Shouldn’t the assessed value be half of what I paid?

By state law, a home’s assessed value is not half its purchased price, but half of its market value.

Section 211.27(5) of Michigan Compiled Law states “Beginning December 31, 1994, the purchase price paid in a transfer of property is not the presumptive true cash value of the property transferred. In determining the true cash value of transferred property, an assessing officer shall assess that property using the same valuation method used to value all other property of that same classification in the assessing jurisdiction.”

For more information, please view the State Tax Commission’s Bulletin No. 19, 1997 on “Illegal Practices of A: “Following Sales” and B: “Assessing over 50%”.

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1. What is the difference between the assessed value and taxable value of my home?
2. How is my assessed value calculated?
3. How is my taxable value calculated?
4. How can I expect my assessment to change in 2019?
5. I just purchased my home. Shouldn’t the assessed value be half of what I paid?
6. I recently purchased a home. Will my taxes on this property be about the same amount as the prior owner’s taxes?
7. My neighbor and I have very similar homes. Why is my tax bill higher than theirs?
8. Why did my taxes go up this year?
9. How can I find out what information you have on my property or on my neighbor’s property?
10. What can I do if I disagree with the assessed value or taxable value placed on my property?