What is Taxable Value?
Taxable Value (TV) is the lesser of Assessed Value and Capped Value. In the year following a transfer of ownership (sale, gift, inheritance, etc) the Taxable Value will be equal to the Assessed Value. In Michigan, taxes are based on Taxable Value, not State Equalized Value. Taxable Value can never be higher than the Assessed Value.
Updated 8/7/2024 2:24 PM