By: Jule Sexson | Manager – Real Estate
Taxpayers in Michigan should brace for another year of unprecedented increases in their commercial real estate assessments. The Michigan State Commission has issued the updated inflation rate (multiplier) for 2024, which stands at 5.1%. Under Michigan statute MCL 211.34d, there is a 5% cap on annual increases in taxable value, meaning the annual factor applied to the prior year’s taxable value will be 5% for 2024. This marks the second consecutive year that Michigan’s taxable values will rise by the maximum allowable increase.
It’s important to note that the annual cap calculation does not apply in all situations, such as the year following a property sale or new construction.
Commercial real estate owners and investors can expect to receive their 2024 Notice of Assessment by the end of February. There are several avenues available for appealing industrial and commercial assessments in Michigan:
We are here to assist in navigating Michigan’s assessing practices and offer tailored appeal strategies. If you need help determining whether your property is valued fairly or to secure the optimal position for an appeal, please reach out as soon as possible.
