Why isn’t my new assessment 50% of my purchase price?

The simple answer is that it is against the law.  MCL 211.27 states that the purchase price is no longer the presumptive True Case Value of a property.  The assessment may be close to 50% of the purchase price but the property SEV is determined by investigating the other sales in the vicinity of the property. All of the SEV in the vicinity of the property is set using that sales study.

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1. What is the time period considered in the 2021 sales study?
2. What is the time period considered in the 2020 sales study?
3. How is your property value estimated?
4. What causes property values to change?
5. What is a State Equalized Value?
6. What is Capped Value?
7. What is Taxable Value?
8. Why isn’t my new assessment 50% of my purchase price?
9. Sale prices are going down in my neighborhood, why hasn’t my assessment gone down?
10. What is the time period considered in the 2020 sales study?
11. How do I qualify for the homestead or PRE exemption?