Michigan's real estate market has been on the decline over the past several years. Michigan residents who have managed to hold on to their residential or commercial properties are increasingly seeking to challenge the assessments of their properties' values. Township, village, and city tax assessors send tax assessment notices that set the "true cash value" for all taxable property in their jurisdictions that are often set higher than the current market dictates.
Anyone with an interest in the property may appeal the assessment. Assessment appeals often occur when a taxpayer concludes the tentative taxable value is higher than the property would sell for at a private sale, or if a transfer occurred which resulted in the SEV becoming the new tentative taxable value, that is higher than the property would sell for at a private sale. A property owner can appeal the property tax assessment in three ways. First, an informal appeal directly to the assessor. Second, by appearing before the Board of Review. Third, by filing an appeal with the Tax Tribunal.
Local governments need property tax revenue more than ever and property owners feel they are over taxed. We have seen a steady increase in property tax disputes each year and expect there to be more disputes this year than ever as there is simply no end in sight.
The Gallagher Law Firm can help residential and commercial property owners with their tax appeals. We have successfully negotiated appealed tax assessment for many customers.