Now is the Time to Review Michigan Property Tax Assessments to Avoid Excessive Property Tax Payments
Michigan property owners will be receiving their real property tax Notice of Assessment form within the next few weeks. Many property owners may find that they are being assessed using inflated taxable values if they have not appealed their property taxes over the last several years. The general rule is that property in Michigan is assessed at 50% of the True Cash Value (i.e., Fair Market Value). If your assessments are higher, then there is an opportunity to reduce the assessed value through a tax appeal. This can lead to significant tax savings at a relatively low risk.
The deadline to file a tax appeal to the Michigan Tax Tribunal on Industrial or Commercial real property is May 31, 2016. The deadline to file an appeal for Residential real property at the Tax Tribunal is July 31, 2016. In the case of Residential appeals an appeal must first be made to the local jurisdictions Board of Review. The Boards of Review meet in March.
Butzel Long’s tax team represents clients that own or lease industrial, commercial or residential real property. We also represent clients in appeals for personal property tax assessments, appeal of changes in the classification of real estate from industrial to commercial or other, and applications for (or denials of) property as exempt from tax. Butzel Long takes these cases on a contingent fee basis and thus is only paid if there is a reduction in the property tax assessment. The fee is a percentage of the amount of the reduction or refund received.
Please contact Paul Mersino, Suzanne Miller or Robert Nemzin for further information.