In the State of Michigan, our collective municipal financial health is measured by two important factors:
State Equalized Value (SEV): The SEV is the assessed value that has been adjusted following the county and state equalization. The County Board of Commissioners and the Michigan State Tax Commission must review local assessments and adjust (equalize) them if they are above or below the constitutional 50% level of assessment.
Taxable Value (TV): A property's taxable value is the value used to determine the homeowner's tax payments. Increases to your taxable value are capped at the rate of inflation or 5%, whichever is less. (Over the past 15 years, the rate of inflation has averaged approximately 2%.) If you sell your property or make improvements to your property, your taxable value will be readjusted to your assessed value.
Assessed Value (AV): The assessed value of your home is determined by the property's market value set by the Oakland County Assessor. The assessed value when multiplied by two will give an approximate market value of the property. The Assessor is constitutionally required to set the AV at 50% of the usual selling price (or true cash value) of the property.