I just bought my property, why isn’t my Assessed Value exactly half of the sales price?
Assessments are 50% of the usual selling price of the property. The Michigan Legislature and the Michigan Supreme Court have clearly stated that the actual sales price of a property is not the only controlling factor in determining the True Cash Value calculated by the assessing officer. The local assessor must analyze the sales in each neighborhood to arrive at a uniform and equitable assessment for all properties.

This is very similar to the process that is required when you buy a property and want the bank to lend you the money. The bank requires an appraisal to determine the usual selling price and verify that your purchase price is reasonable.

Show All Answers

1. I just bought my property, why isn’t my Assessed Value exactly half of the sales price?
2. Are financial institution sales used in the sales study?