How To Read an Assessment Change Notice

Assessor

How To Read an Assessment Change Notice

Many property owners have received an assessment change notice in the mail. The following guide provides answers to frequently asked questions about various sections of assessment change notices. If you have additional questions, please contact our Assessor’s Office at eAssessor@kentwood.us or 616.554.0723.

Principal Residence Exemption

If your property is your primary residence, you may qualify for an exemption that can save you money on your property taxes. If this exemption has been applied to your assessment notice, this field will say 100%. If you believe you are entitled to the exemption but are not receiving it, please contact our Assessor’s Office.

Property Classification

This assigns a classification to your property for equalization purposes. This classification reflects the property's current use. This is no used in determining the assessed value. For example, a "Residential – Improved" classification means some improvements exist on a vacant property, such as structures, paving, etc.

Taxable Value

This is your 2024 tentative taxable value and the amount your tax bill will be calculated on. The taxable value number is either the assessed value or the capped value, whichever is lower.*  

To determine the capped value, use the following formula:

(Prior Year's Taxable Value - Losses) x Inflation Rate Multiplier + Additions = Capped Value

The inflation rate multiplier is determined annually by the State Tax Commission and applied to all properties in the state of Michigan.

Your tax bill can be calculated by dividing your taxable value by 1,000 and then multiplying that number by the millage rate in your area.

*Please note: In the year following a transfer of ownership, the taxable value "uncaps" and is set at the assessed value for the following year.

Assessed Value

This is the tentative 2024 assessed value of your property. This figure represents 50% of the property's True Cash Value. This is not the amount you pay taxes on.

State Equalized Value

The State Equalized Value represents 50% of your property’s True Cash Value, according to the state. This number is typically the same as the assessed value. However, if it is different than the assessed value, the Tentative Equalization Factor will be a number other than 1 and you will see the SEV reflect a different value than the assessed value.

Transfer of Ownership

This section will indicate if a transfer of property ownership took place recently. If this field indicates there was a transfer of ownership on the property in the prior year, the property’s assessed and taxable values will be the same.

By state law, the year following a transfer of ownership, the taxable value "uncaps" and is set at the assessed value.

Assessor Change Reasons

This section provides context on why a change in value was determined. Common reasons include home sale prices, construction, demolition, etc.

Inflation Rate Multiplier

The IRM is determined annually by the State Tax Commission and is used in the capped value formula to determine changes in taxable values.

For Question and Appeals

If you have any questions about your assessment, you can connect with our Assessing Office, who’s contact information is listed at the bottom of the assessment change notice.

Under the assessor contact information, you’ll also find information about how you can appeal your assessment values, including deadlines for when these appeals must be made.  If you miss these deadlines, under state law there is no way to still file an appeal.