A recent change was made to the form in that if the property was bought and sold between related persons the property will not uncap. Please make sure you complete the form if you purchased the property from a relative.
WHY DOES THE ASSESSED VALUE CHANGE FROM YEAR TO YEAR?
The assessed value must reflect 50% of market value. As market values change, so does your assessment. For instance, if you add a garage to your home, the assessed value would increase.
However, should your property be permanently damaged by fire, the assessed value would decrease. Property owners have a responsibility for reporting any changes to their property that would affect values. If you obtained a building permit, our office will be notified by the Building Inspector's Office.
If you are the owner and will be occupying the home as your Principle Residence you will need to file a Principle Residence Exemption (Homestead) form as you would be exempt from paying the School Operating Tax, with is a substantial savings on your summer tax bill. Click Here for the Principle Exemption form.
These forms are also available at the Michigan Department of Treasury website.