Michigan law requires the Assessor to annually value all taxable property at 50% of market value. Taxable properties include farms, homes, factories, commercial properties, and vacant land. It also includes personal property for commercial and industrial businesses.
The Assessing division also keeps records on ownership, addresses, homestead exemptions, sales, and land and building details for about 5,000 properties located within the city.
The city, schools, county, library, and state use the annual values to generate revenue. This is in the form of property taxes. It is the fairest way available to them for collecting the money they need to finance their services.