Assessing / Treasury
- What are some common glossary terms?
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.
- When is tax day?
Tax Day is December 31st. The current tax year is based on December 31st of the prior year.
- What is a Property Transfer Affidavit?
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.
- How do I file for a transfer of ownership for a property?
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.
- Do you charge for a duplicate tax bill?
The city of Bloomfield Hills does not currently charge for a second tax bill.