Hastings City Assessor Jackie Timmerman Monday gave the Hastings City Council an in-depth review of the assessing process and the recent re-assessment of all properties in the city.
What follows is the gist of Timmerman’s report:
The State of Michigan requires that the city review the assessed value of properties within the city every five years. The city had fallen behind in this process, and therefore commissioned a firm specializing in municipal property appraisal to complete a “city-wide” reappraisal of all properties located within the city. This process was started approximately two years ago and was completed this past fall.
The impact of the reappraisal on property values varied from parcel to parcel, with some assessed values rising, some falling, and some remaining unchanged. You may contact City Assessor Jackie Timmerman if you wish to know how the reappraising affected your property’s assessed value.
The reappraisal process only impacted the assessed value of properties, not the taxable value. The taxable value of a parcel is the value used in calculating the property tax to be charged to the property owner. Increases in taxable value for a property are strictly limited under state law. The reappraisal also did not affect the millage rates levied by the city or other taxing units. Changes in millage rates also impact the property taxes charged to a property owner. Questions regarding any of these issues should be directed to Timmerman.