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- Introduced by Sen. Tory Rocca (R) on January 27, 2011, to establish that the actual sale price of real estate when property is sold shall be presumed to be the "true cash value" for purposes of determining the state equalized and taxable values upon which future property taxes are levied. Under current law, tax assessors are required to determine a value for the property using the same valuation method that has been used to value all other property of the same classification in the jurisdiction.
- Referred to the Senate Finance Committee on January 27, 2011.
Comments
1) Re: 2011 Senate Bill 89 (Revise SEV formula ) by CJLKAS on March 19, 2011"True cash value" or "True Market value". Realtors and Brokers can tell you that the real estate market today is overwhelmed by short sales, bank auctions, and foreclosures. It is insane to allow assessors to ignore this majority sector of the market when assessing newly "sold" (or re-assessed) properties simply because they cannot afford the loss of revenue that would result. This legislation would force assessors to "mark to market" all properties being sold (or re-assessed) in the current environment rather than cherry picking those at the higher end (purchased during the boom) in order to maintain all assessments at the highest levels. Market (cash) value is only what someone is willing to pay for it TODAY. See Art 9, Sec 2 of the Michigan Constitution. This legislation would begin to correct this process. I would also like to see the legislature remove the extremely short period of time allowed for appeals, usually 2-3 weeks, given to property owners and allow a more open appeal process. The time has come to swing the pendulum back in the direction of the taxpayer. Support
Introduced in the Senate on January 27, 2011
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