Residential assessments fall again 03.03.10
Lenawee County residents will enjoy smaller tax bills this year, but local government units will suffer through the change with decreasing revenue for services.
Residential assessments began falling in many areas before last year, and the new tentative figures show only one increase among all 26 townships and cities. That one area—Seneca Township—will see a small jump of 0.02 percent.
County equalization director Marty Marshall reported an average decrease in taxable residential value of 8.0 percent across the county.
Generally, decreases are held in check by inflation as shown by the Consumer Price Index. Last year, for example, any property with a taxable value less than the state equalized value—50 percent of the true cash value—was increased by the inflation rate of 4.4 percent.
This year taxable assessments are falling 0.3 percent—the first downward turn since Proposal A came into effect in 1994.
Despite decreases in residential and commercial property, agricultural land values are doing well in most areas of the county. Seneca Township leads the way with an increase of 8.2 percent. Medina is next at 6.9 percent.
Property owners will have an opportunity to talk about assessments next week at board of review meetings. Seneca and Medina townships have scheduled reviews March 8 and 9. In Morenci, the review is set for March 11.
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