Regarding Property Assessments & Taxable Value ...
The current method of property taxation created by a constitutional amendment On March 15, 1994; commonly know as the Headley Amendment or Proposal A.
When Michigan voters approved proposal A, a properties "taxable value" was established by its current 1994 State Equalized Value (SEV.) Proposal A was established to limit the growth in property taxes by an amount not to exceed the consumer Price Index (CPI) or the rate of inflation, which ever is lower, but in no case may it exceed 5.0% annually. The "taxable value" is capped until ownership in the property is sold. … (4 comments)
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