Property taxes for the state of Michigan.
Michigan’s property taxes are assessed at the local level, through a local municipality or township assessor of the jurisdiction where your property is located. This return must be filed by February 20 or earlier depending on jurisdiction. To get an idea of how much you may owe in property taxes, Michigan’s Department of Treasury provides a calculator - click here.
Until 1994, property was valued at 50% its market value (State Equalized Value, or SEV). Proposal A, however, was passed by Michigan voters and has since transferred some weight off property and onto sales tax (which rose from 4% to 6%). Proposal A also limits the growth of property tax assessments and prevents taxable value from increasing as quickly as property value; the growth of taxable value is limited to 5% per year.
If the home you live in is yours, you are eligible for exemption from your local School Operating Millage under the Homeowner's Principal Residence Exemption Program (formerly known as the Michigan Homestead Exemption Program). According to Public Act 237 of 1994, if you own the property you live in, you may be exempt from up to 18 mills.
A millage is basically the property tax rate, and it is conveyed in mills. A mill equals $1 for every $1,000 in taxable value. A unit of land, for example, may possess a millage rate that includes mills for such operations as local governments, counties, libraries, police, and schools.