Michigan Treasury Releases Form 1019, Notice of Assessment, Taxable Valuation, Property Classification, With Guidance

The Michigan Department of Treasury Dec. 1 released Form 1019, Notice of Assessment, Taxable Valuation, and Property Classification, along with guidance, for property tax purposes. The guidance includes that: 1) if there was a transfer of ownership of a property in 2022, then the 2023 taxable value is the same as the 2023 state equalized value; 2) if there wasn’t a transfer of ownership of a property in 2022, then the 2023 taxable value is calculated by multiplying the 2022 taxable value by 1.05; 3) physical changes to a property can increase or reduce the taxable value; 4) taxable values, ...