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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 .