How to Calculate your Property Taxes
1 MILL = $.001 OR 1 MILL $1 PER $1000 TAXABLE VALUE
EXAMPLE : If your Taxable Value is $100,000 and your home is located in the City of Ann Arbor where the current millage rate is 49.07 for a homestead property. Non- homestead rate is 62.31. Use the formula below to compute taxes owed.
FORMULA : TAXABLE VALUE x MILLAGE RATE
$100,000 x 49.07
TAXES OWED = $4,777
Note: Some communities levy one half of their millage in the summer and the other half in the winter. Villages levy their millages only in the summer.
What happens if I just purchased my home last year? For all properties that sold during the prior year, the current year Taxable Value will be “uncapped” and changed to the State Equalized Value (SEV) of the property. There is no limit on the amount of change in Taxable Value in the year after a property transfers. In the following year, the cap goes back on the Taxable Value and increases in Taxable Value are now limited by the capped value formula.