The cost of construction added to a property does not always equate exactly to how much value is added, but it does give a rough estimate of how much to put aside. Just add half the market value of the new construction to the current Taxable Value (or SEV if uncapping) and multiply by the millage. Note: This formula can also be used for estimating taxes for new construction. For 2020, the summer millage was 25.5133 and, the winter tax millage was 5.0060. You can also estimate the summer or winter taxes separately. For a property with $250,000 True Cash Value (TCV) and $125,000 SEV, it would be multiplied by. Please note that for millage, you would move the decimal point three places to the left.įor example, using the 2020 millage rates, Courtland Township, Cedar Springs Schools, Homestead Millage, the rate would be 30.5193 for the whole year. Be sure to add that to your estimate, if applicable. Some parcels have a special assessment that is not included in the millage. If not, use the millage rates under Non-Homestead. If so, use the millage rates under Homestead. To find the most recent published millage rates, go to the following website:Ĭlick on the most current year’s Millage Rates.ĭetermine the school district where the parcel is located: Cedar Springs or Rockfordĭetermine if there will be a Principal Residence Exemption (PRE) or Qualified Ag Exemption on the property. To determine value, use either half of the market value or the current State Equalized Value (SEV) multiplied by the school district millage either Homestead or Non-Homestead. Instead, please use the following formula: Please do not use the prior year’s taxes or taxable value to estimate your future bill after a purchase. In Michigan, Taxable Value (TV) uncaps the year following a transfer of ownership.
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