This month, Tony’s Tip addresses Michigan real property assessment notices – and how investing a little time now will ensure fair and equitable tax bills in 2019.
March 11, 2019
REVIEW NOW, BEFORE IT’S TOO LATE
Sometime in February, your local Michigan assessing unit (township, city, or village) will have sent your real property assessment notices. It is imperative you review this information, as any errors are much more easily addressed now at your local Board of Review, as opposed to when you receive your tax bill.
In order to not miss out on any tax reduction opportunities you need to:
- Verify that you received all the notices for each of your locations.
- Look for any assessments that have increased more than 1.024% in taxable value. That is the maximum limit for 2019 inflation rate, based on the 2018 CPI. Unless you have new construction or previously unreported real property improvements, your taxable value may only be increases by this amount.
- Watch for any abatements that may have expired. Even though the total assessed value for the abated parcel and the ad valorem parcel have not changed, your taxes may go up dramatically based on the change in tax rates.
If you have any questions or just don’t have the time to document these areas, contact a property tax professional for help.
Most Boards of Review meet THIS WEEK, so time is of the essence.
IF YOU WAIT UNTIL THE TAX BILLS COME OUT IN JUNE TO EXAMINE YOUR TAX BASIS, IT IS TOO LATE!