Old 12-09-2011, 12:45 PM
  #14  
yarcraft91
Admirals Club Admiral's Club Member
 
Join Date: Nov 2008
Location: Somewhere in the middle of Michigan
Posts: 10,566
Likes: 0
Received 1,332 Likes on 713 Posts
Default

Originally Posted by bamaboy473 View Post
;? Is that for assessed, appraised, or FMV? Around here they update appraised values every year based on sales information. For homeowners, the Assessed Value is 10% of Appraised Value (which is close to FMV).

Tax rate here is 3% of Assessed value.
In Ohio, assessed value = 30% of fair market value
In Michigan, assessed value = 50% of fair market value
In Alabama, assessed value = 10% of fair market value?

I have no idea why the states don't just tax fair market value instead of this assessment horsehockey.