In 1995, a Taxable Value was determined for each property in addition to the State Equalized Value (SEV). Taxable Value is the lower of either capped value or SEV. Capped values that are increased are limited to the lesser of 5% or the rate of inflation over the previous year's Taxable Value. Although SEV is still based on market conditions, Taxable Value is in place to control property taxes. If you disagree with your assessment or Taxable Value, the appeals process is still an option.
The deadline for a property owner to file a "Principal Residence Exemption (PRE) Affidavit" (Form 2368) for taxes levied after December 31, 2012, changed from May 1 to June 1, and a second deadline of November 1 was added. As a result, property owners that occupy a property as a principal residence and submit Form 2368 to the local tax collecting unit on or before June 1, 2021 may qualify for a PRE beginning with the 2021 summer tax levy. If a property owner occupies a property as a principal residence at any time from June 2, 2021 to November 1, 2021 and submits Form 2368 to the local tax collecting unit on or before November 1, 2021 that property owner may qualify for a PRE beginning with the winter tax levy.
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Property Tax Relief
For seniors on a fixed income, and others who may be experiencing a difficulty in paying their property taxes at this time, there may be help. Under the poverty guidelines, you can receive partial relief from the Board of Review. To qualify, you must first fill out the poverty form in its entirety, and provide the income tax information for all persons living in the home. A poverty claim can only be considered on a person's principal residence.
You must also provide Homestead Property Tax Credit forms, even if you are not required to file income tax forms. The Board of Review encourages you to provide any other information that may shed light on your situation (for example: excessive medication costs or out-of-pocket insurance fees). Each case is considered on an individual basis, however there are certain guidelines established for fairness. If you need assistance having your taxes prepared, contact the Novi Senior Center at 248-347-0414
If you have received a reduction in the past based on your appeal or because of poverty, it will not carry over from year to year. Poverty reduction is not a permanent change to your record by the Assessor's office. You must appeal every year. Keep in mind that the members of the Board of Review may change from year to year and therefore you are not guaranteed the same action at the time of review. Click here to access the Poverty Application Form.