Regardless of the change in assessed value, as long as the taxable value is less than the assessed value it will increase based on the above formula. Taxable values change based on the above formula. Assessed values change with the real estate market and can go up or down without limitation. Why did my assessed value go down and my taxable value go up?Īs noted above, a property's assessed value and taxable value are independently calculated. The Township collects taxes for itself along with Berrien County (general and other services), all school districts (Bridgman, Lakeshore and River Valley), RESA (general and special education), drain assessments, Lake Michigan College, and State Education tax. See transfer of ownership link above.Ī mill represents $ 1 of tax per $ 1000 of taxable value. However, in the year following a transfer of ownership the taxable value is uncapped and increased to the current year assessed value. addition of a garage or porch)īy definition the taxable value can not be greater than the assessed value.
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