Updated: Sep 9, 2021
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A sales study is done for each economic neighborhood and a ratio is determined. General Property Tax Law states assessments are to be at 50% of market value, based on these studies. Oakland County Equalization Department determines the amount of overall adjustment for each class of property (residential, commercial, etc) and applies a factor to the assessments. A factor of 1.00 indicates the assessments are in line with the sales during this one or two-year period.
Assessments may be appealed to the Board of Review.
- Assessed value - Value determined by the local assessor based on real estate sales studies. It should indicate 50% of market value.
- State equalized value - The final value calculated by multiplying the assessed value by the equalization factor. The City of Birmingham has a tentative equalization factor of 1.00, meaning the assessed value and the state equalized value are the same.
- Capped value - The prior year's taxable value minus any losses (demolition of a structure, etc.) multiplied by the Consumer Price Index (CPI) for the current year, plus any additions (new construction, etc.).
- Taxable Value - The value on which property taxes will be computed. This will be the assessed value or capped value, whichever is less.
If you have a question regarding your assessment, record card for your property or appeal procedure, you may call Oakland County Equalization at 248.858.0776.