That's not how it works in Michigan. We have a two tier system. We have a State Equalized Value (SEV) and a Taxable Value. When you buy a piece of property,the previous owner's SEV becomes your Taxable Value. Your Taxable Value is then capped and goes up (or down as it did right after the 08 crash) by the rate of inflation (Consumer Price Index). This year,it's 2.1%. The SEV goes up or down to reflect true cash value of real estate. The Taxable Value can't be higher than the SEV. Now,if it's residential property and it's transferred between relatives,it stays capped.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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