Assessing / Treasury

Capped Value (CAP): Last year's taxable value, less losses, increased by the amount of the Consumer Price Index (CPI) or 5%, whichever is lower, plus the value of new construction.

Consumer Price Index (CPI): Determined by the U.S. Bureau of Labor Statistics.

Assessed Value (AV): Half of the True Cash Value

State Equalized Value (SEV): County and State Equalization studies are performed after the local municipalities have finalized their assessment rolls which results in a factor applied to the assessed values.

Taxable Value (TV): The lesser of the SEV and the CAPPED Value. Property taxes are determined by multiplying the taxable value by the millage rate.

Personal Property: Personal Property is identified as the tangible assets of a business, inclusive of all related trade fixtures, though not real estate.

Tax Day is December 31st. The current tax year is based on December 31st of the prior year.

When Proposal "A" passed in 1994, which reduced the school property taxes, the new law requires full disclosure. The law requires a Property Transfer Affidavit be on file, otherwise, penalties will be applied by the State.

P.A. 415 defines transfers and requires that whenever a property transfers ownership, a Property Transfer Affidavit must be filed by the new owner with the assessing officer (even if you are not recording a deed) within 45 days of the transfer. This affidavit must disclose the following:

• The parties to the transfer
• The date of the transfer
• The actual consideration for the transfer (ie: dollar amount), and
• The property identification number or legal description. The property Transfer Affidavit must be filed within 45 days of transfer.
• If a Property Transfer Affidavit for residential property is not filed timely, a penalty of $5/day (maximum $200) applies
• If a Property Transfer Affidavit for commercial or industrial properties is not filed timely, the following penalties apply:
• If the sale price of the property transferred is $100,000,000 or less, $20 per day for each separate failure beginning after the 45 days have elapsed, up to a maximum of $1,000.
• If the sale price of the property transferred is more than $100,000,000, $20,000 after the 45 days have elapsed.

The city of Bloomfield Hills does not currently charge for a second tax bill.