Knowledge Base

Why aren't my assessed and taxable values equal to each other?

For most Novi properties, market values are increasing. The state constitution requires that properties are assessed at 50% of market value. However taxable value increases are limited to the 2014 statewide inflation rate of 1.6%. So even if your neighborhood increases 10% because of market activity, your taxes will only increase 1.6%. In this example, it’s a good news/good news story for the homeowner. While values aren’t back to pre-recession levels, property owners are less underwater and property tax increases are limited.
Updated 5/27/2015 3:06 PM
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