Education. Property taxes are taxes, being paid on the property. The object of property taxation is value of movables and immovables belonging to juridical and physical persons. property tax can also be implied by the government for repartition of property within the limits of policy directed at repartition of income. If you have a look at copy of your property tax bill, you can find there assessed value, taxable value and SEV (The state equalized value).
How are they calculated and what is the difference between them? Property taxes are calculated as follows: Taxable Value / $1,000 x millages = Tax Levy (the amount of taxes you have to pay).
For example, 50,000/$1,000×36.2=$1,810 per year. Taxable value is the amount used for calculation of your property taxes. Taxable value can be increased from year to year depending on inflation. In such a way it is closely tied with inflation rates; however there are certain limits for increase per year. Taxable value is defined as value to which millages are applied. The taxable value is lower than the state equalized value (SEV) or Capped Value.
Capped Value = (Taxable Value of previous year – Losses) x (the lower of 1.05 or INFLATION RATE) + any additions. In such a way, taxable value determines your taxes. Taxable value would be the lowest of these three: 1) the state equalized value of this year; 2) taxable value of last year + 5%; 3) taxable value of last year + inflation. We can see that taxable value for Westland is $60,176, whereas taxable value for Ferndale is $48,868 The state equalized value is considered a standard estimate of property values and is usually the same as assessed value. Lets take our two examples. Ferndales assessed value = SEV = $59,570.
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Westlands assessed value = SEV = $42,640. Actually, the SEV is the assessed value multiplied by the equalization factor. It is approximately equivalent to ? of the market value. So, you can multiply by two in order to know the approximate market value of your property. For example, if the Westlands SEV is $42,640, the market value of property is approximately $85,280. If the Ferndales SEV is$59,570, the market value of property is approximately $119,140. Such policy had been implied till 1994, when Michigan voters passed Proposal A that lowered our property taxes considerably and placed limit on a taxable value. Since 1994 the authorities havent been using the SEV and have been using taxable value (the newly created value) instead. The tax bills have been based on taxable value since then.
The SEV and the assessed value increase accordingly to increase of market value. Since 1994 each annual increase of SEV has been tied to C.P.I. (consumer price index).
C.P.I. is a measure of inflation rate. The millages use your taxable value to define the amount that will be collected from you.
Millage rate is a tax rate on property. It is expressed in mills per dollar, a tax levied against property. One mill represents one dollar in taxation per each 1,000 dollars of taxable value (one mill is 1/1,000 of a dollar).
So, how to calculate millages? As far as one mill is equal to $1 in taxation per each $1,000 of taxable value, you can divide your taxable value by 1000 to know the cost of one mill. For example, the cost for one mill (Ferndale) will be: $48,868/ $1,000=$48.868. The cost for one mill (Westland) will be: $60,176/$1,000=$60.176 Taxable value 0.25 mill 0.5 mill 0.75 mill 1 mill $50,000 $12.50 $25.00 $37.50 $50.00 $100,000 $25.00 $50.00 $75.00 $100.00 $500,000 $125.00 $250.00 $375.00 $500.00 The millages are defined and set by different taxing authorities that have jurisdiction upon located property. In such a way, millages can vary from area to area because each district has its own taxes approved by authorities.
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Millage rates can also change from year to year..
