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(Previous Taxable Value - Losses) x CPI + Additions = Current Year's Capped ValueThe taxable value is the lesser of the Capped Value or the Assessed Value.
Losses are defined as physical changes to the property that result in a loss of value - i.e. demolishing a garage.CPI is the consumer's price index as calculated by the State of Michigan each October.Additions are defined as physical improvements to the property that add value and were not previously assessed. i.e. adding a deck.
You can estimate your annual property taxes by going to this link: https://treas-secure.state.mi.us/ptestimator/ptestimator.asp .
Assessment information on your home is public record and copies are available at the Assessor’s Office at City Hall, 124 West Michigan Avenue. We also have data available on the internet at BS&A Online. Follow the instructions to search for data by Name, Address, or Parcel Number. We encourage all taxpayers to review their property information to make sure that it is correct.