Assessed Value - 50% of market value (also see State Equalized Value)
Board of Review - A local board of property owners who meet each year during the 2nd week of March to determine if the property of a taxpayer appearing before the Board is assessed at 50% of market value. Appeals must be submitted to the Board of Review while they are in session in March to preserve rights to appear before the Michigan Tax Tribunal.
Consumer Price Index (CPI) - A measure of inflation used by the State of Michigan to cap annual increases in taxable value.
Improvements - All buildings, structures, pools, etc., affixed to the land.
Market Value - The typical open market selling price of similar houses in a neighborhood.
Michigan Tax Tribunal - A state court that is the next level of property value appeals after the March Board of Review.
Neighborhood - An area in the city with houses of similar age, size, style and condition. Currently, the city is divided into about 37 neighborhoods for assessing purposes.
Parcel Identification Number (PIN) - A unique number identifying a specific property on the assessment and tax rolls
State Equalized Value (SEV) - The Assessed Value as adjusted by the direction of the county and state. SEV and Assessed Value are the same when using an equalization factor of 1.0000.
Taxable Value - The value used to calculate property taxes.
Tax Day - The status of a property on December 31 determines the following year's values and taxes. December 31 is called "tax day."
Taxing Unit - County, city, library, and school districts, with tax levying power.
Tax Rate - A levy per each one thousand dollars of Taxable Value, by each of the local government agencies. It is used to calculate taxes that support county, city, schools and special services. The tax rates vary from one district to another according to the total tax base, the needs and the demands of the voters.