What is the standard assessment ratio for property in Michigan?

In Michigan, the standard assessment ratio for property is set at 50% of the true cash value. This means that when assessing property for taxation purposes, local assessors are required to estimate the property's market value and then assess it at half of that value. The true cash value refers to the amount a willing buyer would pay for the property in an open market. By applying the 50% ratio, the state aims to provide uniformity and fairness in property taxation across different municipalities.

This standardized approach allows property owners to understand how their assessments are determined and how their taxes will be calculated. It's crucial for both property owners and assessors to be aware of this ratio to ensure compliance with state tax laws and to fairly evaluate property values within the community. Understanding this ratio is fundamental to navigating Michigan's property tax system and ensuring that assessments are conducted consistently and transparently.