- True Cash Value (TCV): The estimated market value of your property.
- Assessed Value (AV): One half of the TCV.
- Equalized Value (SEV): The AV multiplied by the county and/or state multiplier.
- Principal Residence Exemption (PRE): A PRE exempts a principal residence from the tax levied by a local school district for school operating purposes up to 18 mills after applying and qualifying with the local (city or township) assessor.
- Principal Residence: as defined by MCL 211.7dd “….one place where an owner of the property has his or her true, fixed, and permanent home, to which whenever absent he or she intends to return…”
- Property Record Card: Contains owner name and address, legal description, sales history, assessment history, picture of home, building sketch with square footage and other value-enhancing amenities.
- Property Transfer Affidavit (PTA): The form to be filed with the Assessor’s office within 45 days of a transfer of ownership of a property.
- Parcel Number: A 12-digit number used to identify property for tax purposes. The number is used in place of lengthy legal descriptions.
- Ad Valorem: “According to value”.