The Assessor is responsible for the inventory of all property within Homer Township and Village and the valuation of all of its taxable property. We maintain records of current ownership, assessed and taxable values, property characteristics, and market data. This office follows the requirements of the General Property Tax Law of the State of Michigan.
The market value of your property is simply the probable price that it would sell for in an arm’s length transaction between a willing buyer and a willing seller. The Assessor is required by state law to assess at 50% of true cash value all assessable property, as of December 31, of each year. This includes residential, commercial, and personal property (machinery and equipment for commercial and industrial properties).
The Assessor takes various factors into account when establishing property value, including:
To summarize: State Equalized Value (S.E.V.) is half of the Appraised Market Value.
Capped Value is last year’s taxable value increased by the amount of the Consumer Price Index (with a maximum of 5%) including additions or loss of property. Taxable Value is the lesser of the State Equalized and Capped Values. The Taxable Value will be used for the calculation of property taxes.
With the passage of Proposal A, in 1994, there are new rules and regulations that impact your property tax assessment. When purchasing a piece of property, either improved or vacant, you are required by law to file with your local government an “Affidavit For Principal Residence Exemption” and a “Property Transfer Affidavit”. New terms such as “capped value” and “taxable value” have become part of the assessment and taxation procedure.
The Homeowner’s Principal Residence Exemption is a product of the property tax reforms put in place by the legislature in 1994, generally known as Proposal A. The Principal Residence Exemption excuses the residential owner-occupied property from 18 mills of the total millage levied as property tax. The purpose is to relieve taxpayers of a portion of the burden of funding public schools. Eligibility is for primary residences only. Second homes, cottages, and rental properties are not eligible and must pay the full millage — as do all commercial and industrial properties.
When you purchase a home (either new construction or existing home), you must claim the exemption in order to receive it. When you sell your home or change its use, you must rescind the exemption.
If you fail to file a Principal Residence Exemption when your property is eligible, you will pay too much tax. If you fail to rescind the exemption when the property no longer qualifies, you could be billed for additional taxes, penalty and interest by the state, county or local treasurer.
Title companies generally make these forms available to buyers and sellers at the closing. The title company usually handles mailing the forms to the assessor as well. However, it is in your best interest to be certain that the assessor receives these forms! All of the above-mentioned forms are also available in the assessor’s office, or by clicking on the links above, or they can be downloaded from the State of Michigan’s website.
In Mid-February, you will receive a Notice of Assessment from our office. This notice will present the Assessed and Taxable Values to be used for the current tax year as well as the prior year’s values. Residential parcels will also indicate your Principal Residence Exemption percentage. Please review this information to ensure it is correct and call with any questions.
This notice includes the dates and times of the local Board of Review and the process for appealing an assessment. A property owner who makes an appeal must provide documented evidence as to why the assessment is inaccurate or incorrect. Evidence may include an appraisal, a list of sales in your neighborhood that are similar to your home, or pictures of damage or deterioration that may exist, among other things.
The primary purpose of the March Board of Review is to hear valuation disputes related to the assessment of property. The Board may correct any assessment as it seems just if any property appears to be wrongfully assessed or omitted from the roll. Poverty exemptions and personal property late filing requests are also considered.
Residents may appeal in person by scheduling an appointment with the Assessor’s office at (269) 964-9167. Residents may also appeal via written appeal. Written appeals must be accompanied by a signed Form L-4035 and supporting documentation submitted to the Township Office.
The July and December Board of Review can only address Clerical Errors and Mutual Mistakes of Fact related to real and personal property assessments. Appeals may also be heard for current year only poverty exemption requests, but not poverty exemptions which were denied by the March Board of Review. The July and December Board of Reviews are prohibited from hearing disputes related to Property Valuation.