Are you getting your Primary Residence Exemption?
Soon you will be receiving your property tax assessment in the mail. Make sure you look it over and make sure that everything is correct.
If this is your Primary Residence (PRE)? Soon you should be receiving a homestead of 100% which helps keep you taxes lower. If it says 0% make sure that you are immediately contacting your township to see when the Tax Board of Review meets to make an appointment to have this mistake corrected.
Also, look over your State Equalized Value (SEV) and your Taxable Value (TV).
SEV is based on 50% of market value as required by state law. Although numerous factors are considered by the Assessor’s Office in arriving at the initial market value of a property, increases in market value from year to year are attributable to increased sale prices of properties in an assessing neighborhood as well as additions, remodeling, etc. These increases in market value result in an increase in assessed value (tentative SEV). The sale price of an individual property does not necessarily determine its market value and property is not assessed at 50% of a sale price. After the assessment rolls of local jurisdictions are reviewed and approved (the equalization process) by the County and State, the assessed values become the State Equalized Values.
TV is the value to which the millage rate is applied. Taxable Value is subject to a “cap” and can be increased only by the amount of the Consumer Price Index (CPI) or 5%, whichever is lower. This results in another value called Capped Value. Taxable Value must be the lower of the SEV or Capped Value which is computed as:
Capped Value = (Prior Year's Taxable Value - Losses) x (the lower of 1.05 or the INFLATION RATE Multiplier) + Additions.
What happens if I just purchased my home in the prior year?
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.
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Do you know what your home is worth?
Our average sale price in Jackson County has dramatically risen over the past decade. It just might be the right time to talk with one of our Professionals to get an idea of what your property might be worth and if it's the right time to sell.
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