What is the time period considered in the 2015 Novi sales study?
The State Tax Commission requires counties to perform preliminary equalization using a 12 month and a 24 month sales study for each community. The study will be used that favors the taxpayer. Oakland County Equalization has determined that for 2015, Novi will use a 24 month study. For Novi that period is from October 1, 2012 to September 30, 2014 and includes over 2,000 sales. With the 24 month study, the average residential increase is 12.16%. The 24 month sales study helps the taxpayer because it considers older sales. The City of Novi used one year sales studies from 2008 through 2011 when residential activity showed overall declines.