On every tax bill, two values are shown: the assessed value and the taxable value. State law requires that the assessed value be one-half of the estimated market value. The taxable value is what the taxes are actually levied upon, and this value is often (but not always) less than the assessed value. If the true market value is perceived as being less than twice the taxable value, a property tax appeal is suggested. Since the real estate market has been in a state of decline over the last several years, it is quite common for the actual market value to be less than twice the taxable value, sometimes much less. Because of this, property owners have often been successful in reducing their property taxes through the appeals process.
However, support is needed for a successful result. In the words of State Senator Rick Jones, A professional appraisal is the best evidence against an improper assessment and the best proof of value (from How to Effectively Appeal Your Property Tax Assessmenthttp://senate.michigan.gov/gop/publications/24/20110310_Jones_PTA.pdf). If the services of an attorney are also desired (especially for high-value or complex properties), I can suggest several local attorneys who are experienced in property tax appeals.
For over 20 years, I have helped property owners reduce their real estate taxes by providing appraisals which reflect true market value. Please feel free to contact me for a quotation.
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Paul Zubrys, Principal Broker / REALTOR
Southwest Michigan & Northwest Indiana Real Estate since 1987.
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