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.
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).