Posted by rrlund on February 07, 2014 at 07:35:23 from (162.250.26.204):
In Reply to: Re: 2014 tax world posted by Bob Bancroft on February 07, 2014 at 07:13:32:
Same here in Michigan. It isn't just ag land. Taxable Value on all property is tied to the Consumer Price Index. Property taxes can only go up by the rate of inflation,not the increase in property value. Only problem with it is that we have what's known as State Equalized Value too. That value is based on actual value of property based on actual sales. The longer you own a parcel,the better the value,so to speak. When a parcel sells,it comes "uncapped" and the sellers State Equalized Value becomes the new owners Taxable Value. In my case for example,I've owned most of this property since it was "capped" in 1994,so a lot of it has an SEV about 5 times what the Taxable Value is,so if I sold it,the new owners Taxable Value would be about 5 times what mine is and their taxes would be 5 times what mine are.
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