Zoning Litigation – Enforcemen...
Introduction As we have explained at length in prior E-Letters, the enforcement of zoning violations is often best accomplished through the ...
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True Cash Value and Market Value have been determined by Michigan Courts to be synonymous terms. The tax statute uses the term True Cash Value. True Cash Value means the price a willing buyer and willing seller would agree to through an arms-length transaction of the subject property as of tax day. Tax day is December 31st each year. Assessed Value can be no more than 50% of the True Cash Value (or Market Value). Taxable Value is the value on which property taxes are based after applying a local unit’s millage rate. The Taxable Value cannot be more than the Assessed Value. While Assessed Value has a relationship with True Cash Value (50% of True Cash Value) and can rise or fall each year with increases or decreases in the market, Taxable Value can only rise annually by 5% or the rate of inflation, whichever is less. The Taxable Value only falls, therefore, when the Assessed Value drops below the Taxable Value (since the Taxable Value cannot be higher than the Assessed Value). When a gap is created over time between the Taxable and Assessed values and there is a transfer of property, the Taxable Value is “uncapped” the following year and increases to that of the Assessed Value. Note that there are exceptions to uncapping in certain circumstances. There are also exceptions to the general rules regarding Taxable Value if the property has “additions” or “losses.” If you have specific questions about Assessed Value, Taxable Value, True Cash Value, additions, losses, or uncapping – please feel free to contact us!
Introduction As we have explained at length in prior E-Letters, the enforcement of zoning violations is often best accomplished through the ...
Read MoreYes. MCL 15.235(2) lists the options for responding when in receipt of a request made under the FOIA. The FOIA permits a public body to resp...
Read MoreWe have discussed the Freedom of Information Act (the “FOIA”), Act 442 of 1976, MCL 15.231 et seq., before in other e-letters, including...
Read MoreAt Fahey Schultz Burzych Rhodes PLC, we’ve been helping municipalities, franchised businesses, employers, and more with their legal needs since 2008. We’d love to learn how we can help you, too.