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What do the terms assessed value, state equalized value, and taxable value mean?
  • Assessed Value: The assessor is constitutionally required to set the assessed value at 50% of the usual selling price.
  • State Equalized Value: SEV is the assessed value that has been approved following County and State equalization. The County Board of Commissioners and the State Tax Commission must review local assessments and adjust (equalize) them if they are above or below the constitutional 50% level of assessment.
  • Capped Value: Capped value adjusts year to year by 5% or the consumer price index (CPI), whichever is lower. Improvements to the property will also increase the capped value more than the rate of inflation. A sale or transfer of ownership will “uncap” the property so that the taxable value is equal to the assessed value.
  • Taxable Value: Taxable value is the lesser of the capped and assessed value.

Assessing

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1. Where can I find information about a piece of property?
2. What do the terms assessed value, state equalized value, and taxable value mean?
3. How does the assessor determine my assessed value?
4. I just bought my property. Why isn’t my assessment exactly half of the sale price?
5. Why doesn’t my assessment appear to reflect current market conditions?
6. How can my taxable value increase when my assessment stays the same or decreases?
7. What is a Principal Residence Exemption?
8. What is personal property?
9. Where and when do I file a personal property statement?
10. What if I don’t file a personal property statement?
11. What type of information do I include on the personal property statement?
12. What if some of my equipment is used equipment?
13. My accountant has fully expended some items of personal property. Do I report it?
14. What if I move or close my business during the year?


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