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