Wednesday, May 31, 2017, is the deadline for filing 2017 petitions with the Michigan Tax Tribunal for property tax appeals involving commercial real property, industrial real property, developmental real property, commercial personal property, industrial personal property, or utility personal property valuation appeals. Board of Review protests are not required to appeal the assessed value of these types of property.
Monday, July 31, 2017, is the statutory deadline for filing petitions with the Tax Tribunal for property classified as agricultural real property, residential real property, timber-cutover real property, or agricultural personal property. Board of Review protests are required to appeal the assessed value of these types of property.
The 2017 property tax assessment can be appealed whether or not the assessment was increased this year. Assessment notices mailed in late January show both the “assessed value” (SEV) of property, which should not exceed 50% of fair market value, and taxable value (TV), which is often “capped” at the previous year’s TV plus inflation, unless there is a transfer of the property. Property owners and managers should consider an appeal when the assessed value is higher than 50% of market value and the reduction would also reduce TV.
Recent sales of the property or comparable properties that suggest a lower value are often persuasive evidence of value. Also, changes in the condition of the property adversely affecting value are sometimes unknown to the assessor or overlooked, and can warrant an adjustment.