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I purchased a vacant parcel of land in MI last year. This…

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I purchased a vacant parcel...
I purchased a vacant parcel of land in MI last year. This was not a family tranaction. I got my Notice of Assesment showing the current taxable and assesed value being equal.No improvements have been done, the property remains the same as purchased. The appraised value is fair and I paid the SEV value for it.Can I be confident that my new property taxes will be no more than SEV of the appraised value or do I need to file a protest?
Submitted: 1 month ago.Category: Real Estate Law
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Answered in 17 minutes by:
3/13/2018
Real Estate Lawyer: Barrister, Lawyer replied 1 month ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,155
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

,

Can I be confident that my new property taxes will be no more than SEV of the appraised value or do I need to file a protest?

.

Yes, the SEV value is the adjusted assessed value after state and county equalizations. So the taxable value for this year should be the lesser of the SEV and the Capped Value..

.

For all properties that sold during the prior year, the current year Taxable Value will be "uncapped" and changed to the State Equalized Value of the property. There is no limit on the amount of change in Taxable Value in the year after a property transfers. However, beginning with the current year the cap goes back on the Taxable Value and increases in Taxable Value are limited by the capped value formula.

.

For example...from an assessor's site:

.

Last year my SEV was $55,500 and my Taxable Value was $55,500. What will my Taxable Value be this year?

.

Example: Our sales ratio study shows that market values increased in your neighborhood by 5%, this means your current year SEV is:

$55,500 X 1.05 = $58,300 (rounded)

The CPI increase was only 0.9% so your CAPPED VALUE is:

$55,500 X 1.009 = $55,999

Your TAXABLE VALUE for this year is the lower of the State Equalized Value and the Capped Value, or $55,999.

.

So if you just got your current taxable amount that should be equal to the SEV since the value is uncapped and changed due to the sale last year..

.

.

thanks

Barrister

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Real Estate Lawyer: Barrister, Lawyer replied 1 month ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,155
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Experience: 17 years real estate, Realtor. Landlord 26 years

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