What is True Cash Value (TCV), Assessed Value (AV), State Equalized Value (SEV), and taxable Value (TV)?

The True Cash Value of your property is the same as the market value. It is what your home is worth on the open market. The Assessed Value of your home is 50% of the true cash value. If the True Cash Value of your home is $120,000, the Assessed Value would be $60,000. The State Equalized Value, or SEV, is typically the same as the assessed value. 

In some cases, it may be slightly different due to an Equalization factor, or multiplier, which the County or State may impose to "equalize" the assessments. This is based on studies performed on the sales of various properties in different neighborhoods, which may indicate that assessments need to be adjusted accordingly. For more information, see Ottawa County Equalization's website

Taxable Value

Your State Equalized Value sets the basis (see uncapping section) for determining your Taxable Value, which ultimately determines your taxes:

  • (Taxable Value / 1,000) x Millage Rate = Your Tax Bill

Your property's taxable value can not increase more than 5% or the rate of inflation each year (see uncapping section).

Show All Answers

1. How can I obtain Information for properties in Holland?
2. When are tax bills sent out and when are they due?
3. How is my tax bill calculated?
4. What if I cannot pay my entire tax bill by the due date?
5. What type of payments do you accept for paying my taxes?
6. What is the process if I decide to pay my tax bill using my credit card?
7. How do I change my mailing address?
8. What is a Principal Residence Exemption (PRE)?
9. How do I apply for a Principal Residence Exemption?
10. What is my tax bill savings having a Principal Residence Exemption?
11. When do I need to Rescind my Principal Residence Exemption (PRE)?
12. I believe my Assessed Value is too High. What can I do to get my Assessed Value reviewed?
13. What is True Cash Value (TCV), Assessed Value (AV), State Equalized Value (SEV), and taxable Value (TV)?
14. Why is my Taxable Value, and thus my taxes, more than the previous owner had paid? What is Uncapping?