What is the taxable value?

The taxable value of a property is determined by the Assessor's Office. Under Proposal A, which was approved by voters in 1994, taxable value cannot increase faster than 5% per year or the rate of inflation, whichever is less, until the property transfers ownership. In the year following a transfer of ownership of property, the property's taxable value is half of the property's market value. Physical changes to a property (i.e., new construction) can also result in a property's taxable value increasing faster than the rate of inflation.

Show All Answers

1. Who pays property taxes?
2. How are property taxes calculated?
3. What is the taxable value?
4. What is the millage rate?
5. Who does the City of East Lansing collect property taxes for?
6. What would the property taxes be for an owner-occupied home that was valued at $200,000?
7. What is the difference in taxes if a property does not have a Principal Residence Exemption?
8. When are taxes due?
9. Who do I call if I have a question about taxes?