If you own propertry in Michigan, you received a Notice of Assessment, Taxable Valuation, and Property Classification letter recently from the city or township where your property is located. In this letter, it tells you your homes taxable value and assessed value for 2011 and for the past year 2010. Based on recent home sales in your neighborhood, you may not agree with the assessments on your home and the subsequent taxes. If you feel that your property assessment is too high, here is some important information that may help you protest them at your local board of review.
The date for filing Property Tax Appeals is quickly approaching. Here a helpful dates to keep in mind:
- October 1, 2009-September 30, 2010: Sales study period. Assessors use home sales from this time frame to calculate 2011 property values.
- December 31, 2010: Tax day for 2011 assessments and 2011 property taxes. Sales after September 30, 2010 will not be used to calculate home values (except in special circumstances).
- Early March: Beginning the Tuesday after the first Monday of March. The Boards of Review begin meeting with homeowners to discuss appeals. You must make an appointment. Check your Notice of Assessment for the phone number to call and the exact dates they will take appointments. Keep in mind that this date changes based on municipality so please check with your jurisdiction.
- May 1, 2011: The last day for home owners to file a PRE, Principle Residence Exemption form. For more information, visit the Michigan Taxes website.
- July 31, 2011: The deadline for filing residential appeals to the Michigan Tax Tribunal. You must first protest at the local review board in order to take it to the MTT.
- December 31, 2011: Tax day for 2012 assessments and 2012 property taxes.
A more in depth chart of appeal authorities and dates can be found here: http://www.michigan.gov/documents/treasury/STCBulletin19of2010_340266_7.pdf
According to Brian Kirksey, Senior Appraiser with KRES, Inc. before you start a property tax appeal, you should ask yourself the following questions:
- What is the disparity between assessed and taxable values?
- Is the assessment correctly reflecting your property? ie. Correct square footage, lot size, etc.
- What do you believe the property is worth , and in terms of taxable value?
- What is risk involved and associated rewards gained in appealing, based on a win, split, or lose decision?
Schedule your appointment now, if you believe that protesting your assessments will be beneficial to you. You will need support for why you are appealing and a recent appraisal by a local appraiser is the best way to go. The Bouma Group recommends Rachael Massey, a certified Residential Appraiser for Washtenaw County, 734-761-3065. As always, should you have any questions or are thinking of buying or selling a home in the Ann Arbor area, contact us today at 734-761-3060 or firstname.lastname@example.org.