Terms & Definitions
The value given to property as a base for taxation. This is the number that the assessor assigns as half of your property’s true market value.
Board of Review
A three member board of citizens appointed to examine the assessment roll (all the assessed values located in the city) annually. The members of the Board of Review are appointed by the Mayor and confirmed by the City Commission. The Board of Review receives appeals and allows for personal appearances by taxpayers who are protesting a property value (March session only.)The July and December Boards of Review may convene for the purpose of correcting qualified errors.
A Conditional Rescission allows a citizen who has purchased a new primary residence in Michigan to retain a PRE on his or her previous exempted property (at the same time as having a PRE on the new property) if certain guidelines are met. A PRE may remain on the previous principal residence upwards of three years if the property is for sale, is not leased, is not occupied, and not used for any commercial means. For initial qualification, a form must be submitted to the Finance Department before May 1st of the desired year, and it must be re-submitted annually on or before December 31st to receive the exemption for the upcoming year.
Homeowner’s Principal Residence Exemption (PRE)
The PRE exempts property owners who occupy the home as their primary residence from 18 mills of school operating tax.
Michigan Tax Tribunal (MTT)
The Tribunal is an administrative court that hears tax appeals for all Michigan taxes.
The amount of taxes paid for every thousand dollars of taxable value. For instance, a property with taxable value of $50,000, taxed at 1.0 mills, would be taxed $50.
Property Transfer Affidavit (PTA)
The form needed by the City of Hudsonville when a property is transferred (required to be filed within 45 days.)
State Equalized Value (SEV)
The SEV is typically the same as a property’s assessed value.
Your taxes are based on the taxable value of your property. The taxable value cannot increase by more than the inflation rate or the 5% cap, whichever is less. Also, the taxable value cannot exceed 50% of the market value of your home.