The market value of your property is simply the probable price that it would sell for in an arm's length transaction between a willing buyer and a willing seller. In Michigan, market value is defined as
True Cash Value.
Determining a Property's Value
Determining a property's value is the Assessor's job, and is required for every piece of property, no matter how large or small. Also, each year the Assessor has to do the whole thing all over again, because the market value of almost everything changes from one year to the next.
The Assessor is required by state law to assess at 50% of true cash value all assessable property, as of December 31. This includes:
- Commercial properties
- Personal property (machinery and equipment for commercial and industrial properties)
- Vacant land