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Capped Value is a calculation of the previous year's Taxable Value multiplied by the Inflation Rate Multiplier and adjusted for any physical changes in the property. (The inflation rate multiplier is based on a two year average of the Consumer Price Index (CPI)). The Inflation Rate Multiplier for 2014 is 1.016.
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The Assessed Value shall not exceed 50% of the True Cash Value of the property. The Assessor's Office uses mass appraisal techniques to determine the true cash value of each property every year and sets the Assessed Value at 50% of the True Cash Value. The True Cash Value of a property is synonymous with market value.
The Taxable Value is determined by the lower of the Assessed Value or the Capped Value. Properties that transferred ownership in 2013 will have the Taxable Value set to the Assessed Value for the 2014 tax year. Taxable Value is the basis of the property tax in Michigan and is multiplied by the millage rate to determine the tax amount each year.
State Equalized Value (SEV) is the final Assessed Value after the County and State have completed their equalization processes and have certified the Assessed and Taxable Values. Typically, the SEV is the same as the Assessed Value.