I just purchased my home. Shouldn't the assessed value be half of what I paid?

No. By state law, a home's Assessed Value is not half its purchased price, but half of its market value. Section 211.27(5) of Michigan Compiled Law states:

"Beginning December 31, 1994, the purchase price paid in a transfer of property is not the presumptive true cash value of the property transferred. In determining the true cash value of transferred property, an Assessing Officer shall assess that property using the same valuation method used to value all other property of that same classification in the assessing jurisdiction."

Also, please see the State Tax Commission's Bulletin Number 19, 1997 on "Illegal Practices of A: "Following Sales" and B: "Assessing over 50%" for more information.

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1. Can I view my property and tax information, and pay my tax bill online?
2. Where is your office located?
3. What is the difference between the Assessed Value and Taxable Value of my home?
4. How is my Assessed Value calculated?
5. How is my Taxable Value calculated?
6. I just purchased my home. Shouldn't the assessed value be half of what I paid?
7. I recently purchased a home. Will my taxes on this property be about the same amount as the prior owner's taxes?
8. My neighbor and I have very similar homes. Why is my tax bill higher than theirs?
9. Why did my taxes go up so much this year?
10. What can I do if I disagree with the Assessed Value or Taxable Value placed on my property?
11. What if I am not satisfied with the Board of Review's decision on my appeal?
12. Do I need to notify the Assessing Department if I'm moving?
13. How do I change my name on my City of Marshall accounts?
14. Does the City calculate tax prorations?