City of Plymouth Proposed 2022-2023 Budget - Flipbook - Page 231
City of Plymouth 2022 / 2023 Budget
09/20/2022
State Equalized Value (S.E.V): The assessed value that has been adjusted following county
and state equalization. The County Board of Commissioners and the Michigan State Tax
Commission must review local assessments and adjust (equalize) them if they are above or
below the constitutional 50% level of assessment.
Taxable Value: A property’s taxable value is the value used for determining the property
owner’s tax liability. Multiplying the taxable value by the local millage rate will determine
your tax liability. Taxable value increases from year to year by the rate of inflation or 5%,
whichever is lower. Transfers of ownership and improvements to the property will increase
the taxable value more than the rate of inflation but never more than the assessed value.
Transfers: All inter‐fund transactions except loans or advances, and reimbursements.
23B-GLOSSARY
TABLE OF CONTENTS
APPENDIX A
