Frequent Assessing Questions
When can I appeal my property assessment?
Property assessments are appealed to the March Board of Review. This is held every year by law, beginning on the second Monday in March. Cascade Township generally has two days of hearings. You may appeal in person or by letter. If you wish to appeal in person, you must call for an appointment.
The March Board of Review has the ability to correct assessments, change property classification and grant poverty exemptions. If a residential property is not appealed to the March Board of Review, the assessment is final until the following year.
I think I am eligible for a Principal Residence Exemption but I didn’t get my form to the Assessor by June 1st. Can I still get a PRE?
YES! If you did not get your form into the office in time to have the exemption added to your property record, you may request the Assessor add the exemption. They have the authority to add the current year and up to three prior years. Contact the Assessor’s Office at (616) 949-6176 to begin the process.
I received a letter from the Assessor’s Office asking about my property. What is this about?
The Assessor Office needs good quality information on the properties in order to accurately assess property. We review a certain number of properties each year in order to correct any errors in the record. Areas are chosen based on how long it has been since we last reviewed them or if we have noted that we have a problem in that area.
If there is a correction necessary, it could raise or lower your assessment. The goal is to make the records as accurate as possible. We send a form showing you any changes we have found, at the end of the year before we set the new assessments so you can point out any errors.
True Cash Value: The fair market value or the usual selling price of property. For a more detailed definition see MCL 211.27.
Assessed Value (AV): AV is 50% of the usual selling price (market value) or true cash value of your property.
State Equalized Value (SEV): The SEV is the assessed value as finalized by the County and State Equalization Process. In most cases, the SEV and AV will be the same.
Consumer Price Index (CPI): The CPI is determined each year by the State of Michigan. Every municipality in the State is required to use the CPI to calculate the capped value. The CPI is not subject to appeal.
Capped Value: The capped value is a calculated value which takes last year! s taxable value minus any physical losses (i.e.: demolition), increased by the CPI or 5%, whichever is less, plus any physical additions (i.e.: new construction)
Taxable Value (TV): The TV is the lesser of the SEV or the Capped Value. This is what your taxes are based on. In most circumstances, the TV is not subject to appeal. Proposal A states that starting in 1995, the capped value shall be increased by the amount of the CPI or 5%, whichever is less. However, as established in the old law, the SEV is to be 50% of the usual market value. Consequently, the capped value and SEV could be totally different. This “capping” process will continue annually until the property is sold and/or ownership is transferred. A property is ” uncapped” in the year following a transfer of ownership. This means that the TV for the year following a transfer is required to be the same as the assessed value for that year. The year after the property is uncapped, increases to the TV will once again be limited by the CPI or 5%, whichever is less, unless there are physical changes made to the property.
The reality of Proposal A is that property taxes will not decrease until the AV is set lower than the TV or the millage rates are reduced. Even in a declining market, a TV will increase on an annual basis until it is equal to the AV.
Principal Residence Exemption: A principal residence is exempt from taxes levied by a local school district for operating purposes of up to 18 mills. A homeowner’s principal residence is defined as “the one place where an owner of the property has his or her true, fixed, and permanent home to which, whenever absent, he or she intends to return and that shall continue as a principal residence until another principal residence is established.” Principal Residence Exemptions that are in effect January 1st of each year will stay in effect for the calendar year. The JUNE 1 and NOVEMBER 1 filing deadline for Principal Residence Exemption applies to new applications-only. You do not need to apply each year.
Property Record Card: Contains owner name and address, tax description, sales history, assessment history, picture of home, building sketch with square footage and other value-enhancing amenities. To view a copy of your property record card online you can search by clicking here.