Robin
March 4th, 2008, 2:51 pm
This topic will house State Tax Commission Bulletins regarding the calculation of property taxes, due dates, Headless millage reductions, inflation rates, requirements, inflation rates, Board of Review required dates, policies & procedures and their minutes requirements.
During the March 3, 2008 Lincoln Park City Council meeting, Councilwoman Brady read from documentation given to her from our assessor's office.
This documentation included several Bulletins issued by the STC.
Bulletin 15 (http://www.michigan.gov/documents/treasury/Bulletin15of2007_218525_7.pdf):
2008 Property Tax Appeal Procedures
Petition to Board of Review Form:
This form is issued under the authority of P.A. 206 of 1893, as amended. Filing is voluntary, however you may not appeal to the Michigan Tax Tribunal or the State Tax Commission unless you first protest to the Board of Review.
Link to the Petition to Board of Review Form 618 (L-4035) (http://www.michigan.gov/documents/l4035f_2658_7.pdf)
Bulletin 5 (http://www.michigan.gov/documents/treasury/Bulletin5of2007_205839_7.pdf)
Single Year Sales Study Guidelines and Date Change
Bulletin 6 (http://www.michigan.gov/documents/treasury/Bulletin6of2007_205860_7.pdf)
Guidelines for Foreclosure Sales Market sale transactions for real property are used by Michigan assessors and equalization directors to compare the assessor's assessments of particular properties that have sold in arms-length transactions with the actual sale prices for those same properties. The average ratio between the assessments and the sale prices should be 50%, since the assessment of the property should be at 50% of true cash value, as required by MCL 211.27a. However, since the market for real estate constantly changes, the average ratio actually found will usually not be 50%.
In such cases, the county equalization director will require the assessor to adjust his or her level of assessment the next year so that the 50% ratio is reestablished. Further, within each local assessment jurisdiction, the assessor must conduct similar ratio studies to determine the levels of assessment in the various neighborhoods or sub-markets in the jurisdiction.
Bulletin 9 (http://www.michigan.gov/documents/treasury/Bulletin9-2008taxcalendar_214876_7.pdf):
2008 PROPERTY TAX AND COLLECTIONS CALENDAR
Bulletin 11 (http://www.michigan.gov/documents/treasury/Bulletin11-changes08_214879_7.pdf):
The purpose of this Bulletin to provide information on statutory changes or procedural changes for the 2008 assessment year that Assessor’s and Equalization Directors should be aware of. (NOTE: This is very informative)
Bulletin 12 (http://www.michigan.gov/documents/treasury/Bulletin12InflationRate08_214821_7.pdf) : Inflation Rate Multiplier for use in the 2008 capped value formula and the 2008 “Headlee” Millage Reduction Fraction (MRF) formula
Bulletin 17 (http://www.michigan.gov/documents/treasury/Bulletin17BoardReview_219339_7.pdf):
This Bulletin contains information regarding changes that Boards of Review need to be aware of for the 2008 assessment year. The State Tax Commission has published a new Question and Answer Document regarding the statutory obligations for Boards of Review. The STC asks that all Boards of Review carefully review the Q and A so that they fully understand their statutory obligations.
Related Links:
Link to 2007 STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-164457--,00.html)
Link to 2008 STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-184942--,00.html)
Link to Archived STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-164455--,00.html)
Link to Bulletins Amended or Replaced by Subsequent Publications. (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-65745--,00.html)
Subsequent posts will contain a FAQ on the above.
During the March 3, 2008 Lincoln Park City Council meeting, Councilwoman Brady read from documentation given to her from our assessor's office.
This documentation included several Bulletins issued by the STC.
Bulletin 15 (http://www.michigan.gov/documents/treasury/Bulletin15of2007_218525_7.pdf):
2008 Property Tax Appeal Procedures
Petition to Board of Review Form:
This form is issued under the authority of P.A. 206 of 1893, as amended. Filing is voluntary, however you may not appeal to the Michigan Tax Tribunal or the State Tax Commission unless you first protest to the Board of Review.
Link to the Petition to Board of Review Form 618 (L-4035) (http://www.michigan.gov/documents/l4035f_2658_7.pdf)
Bulletin 5 (http://www.michigan.gov/documents/treasury/Bulletin5of2007_205839_7.pdf)
Single Year Sales Study Guidelines and Date Change
Bulletin 6 (http://www.michigan.gov/documents/treasury/Bulletin6of2007_205860_7.pdf)
Guidelines for Foreclosure Sales Market sale transactions for real property are used by Michigan assessors and equalization directors to compare the assessor's assessments of particular properties that have sold in arms-length transactions with the actual sale prices for those same properties. The average ratio between the assessments and the sale prices should be 50%, since the assessment of the property should be at 50% of true cash value, as required by MCL 211.27a. However, since the market for real estate constantly changes, the average ratio actually found will usually not be 50%.
In such cases, the county equalization director will require the assessor to adjust his or her level of assessment the next year so that the 50% ratio is reestablished. Further, within each local assessment jurisdiction, the assessor must conduct similar ratio studies to determine the levels of assessment in the various neighborhoods or sub-markets in the jurisdiction.
Bulletin 9 (http://www.michigan.gov/documents/treasury/Bulletin9-2008taxcalendar_214876_7.pdf):
2008 PROPERTY TAX AND COLLECTIONS CALENDAR
Bulletin 11 (http://www.michigan.gov/documents/treasury/Bulletin11-changes08_214879_7.pdf):
The purpose of this Bulletin to provide information on statutory changes or procedural changes for the 2008 assessment year that Assessor’s and Equalization Directors should be aware of. (NOTE: This is very informative)
Bulletin 12 (http://www.michigan.gov/documents/treasury/Bulletin12InflationRate08_214821_7.pdf) : Inflation Rate Multiplier for use in the 2008 capped value formula and the 2008 “Headlee” Millage Reduction Fraction (MRF) formula
Bulletin 17 (http://www.michigan.gov/documents/treasury/Bulletin17BoardReview_219339_7.pdf):
This Bulletin contains information regarding changes that Boards of Review need to be aware of for the 2008 assessment year. The State Tax Commission has published a new Question and Answer Document regarding the statutory obligations for Boards of Review. The STC asks that all Boards of Review carefully review the Q and A so that they fully understand their statutory obligations.
Related Links:
Link to 2007 STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-164457--,00.html)
Link to 2008 STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-184942--,00.html)
Link to Archived STC Bulletins (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-164455--,00.html)
Link to Bulletins Amended or Replaced by Subsequent Publications. (http://www.michigan.gov/treasury/0,1607,7-121-1751_2228-65745--,00.html)
Subsequent posts will contain a FAQ on the above.