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bwc PROPERTY TAX
Glossary of Terms
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 or township with houses of similar age, size, style and condition.
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, school districts, and community colleges 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.
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 or township with houses of similar age, size, style and condition.
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, school districts, and community colleges 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.
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