WHY YOUR ASSESSMENT WENT UP
Did your latest assessment notice shock you?
Overall real estate assessments in our city rose 9.9 per cent, the highest increase in the county. Does that mean Orchard Lake property has increased in value that much?
Maybe not. As City Assessor John Sailer told City Council, "...these assessment factors do not necessarily mean that the market value of properties increased...by the percent indicated."
The increase was decreed by the County Equalization Department, based on sales studies. Sailer said that the number of sales in Orchard Lake is too low to provide adequate representation in the studies.
Sailer had to increase assessments on some groups of residential property by close to 20 per cent in order to meet the required total level for the city.
The good news is that the taxable value of property is "capped" by state law for those who have homestead exemptions, so most of these increases will not show up on your tax bill. However they will take effect if a property is sold or the exemption is lost.
Lakefront property got a higher increase (13.4 per cent) than nonlakefront (6.8 per cent).
The total taxable value of the entire city (the amount on which taxes are collected) was up 6.4 per cent, which includes inflation (the "capped" value of homestead properties) plus new construction and properties being sold.
Overall real estate assessments in our city rose 9.9 per cent, the highest increase in the county. Does that mean Orchard Lake property has increased in value that much?
Maybe not. As City Assessor John Sailer told City Council, "...these assessment factors do not necessarily mean that the market value of properties increased...by the percent indicated."
The increase was decreed by the County Equalization Department, based on sales studies. Sailer said that the number of sales in Orchard Lake is too low to provide adequate representation in the studies.
Sailer had to increase assessments on some groups of residential property by close to 20 per cent in order to meet the required total level for the city.
The good news is that the taxable value of property is "capped" by state law for those who have homestead exemptions, so most of these increases will not show up on your tax bill. However they will take effect if a property is sold or the exemption is lost.
Lakefront property got a higher increase (13.4 per cent) than nonlakefront (6.8 per cent).
The total taxable value of the entire city (the amount on which taxes are collected) was up 6.4 per cent, which includes inflation (the "capped" value of homestead properties) plus new construction and properties being sold.
posted by bhmcintyre at 6:34 AM
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