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