Why is the County reassessing?

A reassessment does not increase or decrease tax revenues. It only redistributes the total tax burden more fairly. A resident’s county, municipal, and school taxes are all based on the assessed value of a property. Past practice from reassessment shows that about one third of properties will see lower taxes, one third will see little to no change and one third will see a tax increase. The reassessment will be revenue neutral for the county. As per state law, the point of a reassessment is to make things fair and equitable for all taxpayers using the most accurate property values as a basis. By state law, total countywide tax revenues collected from Wayne County tax parcels cannot be more in the year following a general county reassessment than they were in the previous year. Millage rates will be readjusted to take into account the new assessed values.

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1. Why is the County reassessing?
2. Will the County, School, or Municipalities collect more taxes as a result of the reassessment?
3. When will the new assessed value take effect?
4. How is my property’s value determined?
5. What is market value?
6. How can I tell if my new value is correct?
7. Should the preliminary assessed value be the same as the purchase price for my property?
8. Are exemptions included in this preliminary value?
9. What if I feel the preliminary value is not close to my property’s value?
10. When will I learn the results of the informal review?
11. What if I am still not satisfied with my assessment?
12. If I don’t schedule an informal review, do I lose my right to file a formal appeal?