The Principal Residence Exemption excuses 18 mills of local school operating tax on the owner’s principal residence. The TAXABLE value is the lesser of the two. Once the CAPPED value has been determined, the assessor compares it to the ASSESSED value. This figure is determined by the State Treasury Department. LOSSES, in most cases, are equal to the assessed value of any new buildings, or portions there of, that were built in the previous year.ĬPI is equal to the Consumer Price Index (the inflation rate) in the State of Michigan in the prior year. (Prior year taxable value losses) X (1 + (lesser of CPI or 5%)) + additions.

ASSESSED value is the assessor’s estimate of 50% of the market value of the property.ĬAPPED value is determined from the following formula:

Taxable value, the number upon which your tax bill is calculated, is determined each year by comparing ASSESSED and CAPPED values and choosing the lower of the two.

Office hours are 9AM to 5PM Tuesdays, 9AM to 1PM Thursdays. Cross Connection and Backflow Prevention.

Pittsfield township mi tax assessor