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True Market Value must be set on December 31st. True Market Value (TMV)is what your home can sell for on December 31st through normal means. For instance, if your house is for sale with an asking price of $200,000 but no one has offered $200,000; your city can not use $250,000 as your True Market Value. tax attorney |
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The TMV is set by the Assessor that was appointed by your City's Mayor. The Home Rule City Act #279 of 1909. 117.3 Mandatory Charter Provisions. Sec.3 |
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Your Assessed Value is 50% of the TMV. |
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The difference between the Taxable Value and the Assessed Value was created with the Headlee Amendment. The Taxable Value can not be greater than your Assessed Value. |
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It is illegal to over-assess your house. State Tax Commission Bulletin No. 19 of 1997. |
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True Cash Value - The fair market value or the usual selling price of property. For a more detailed definition you should review MCL 211.27. - See more. |
