By: Jule Sexson | Manager – Real Estate
Taxpayers in Michigan should prepare for another year of unprecedented increases in their commercial real estate assessments. The Michigan State Commission issued the updated inflation rate (multiplier) as required by statute MCL 211.34d for 2024, which is 5.1%. Michigan statute imposes a 5% cap on annual increases in the taxable value, so the annual factor applied to the prior year taxable value will be 5% for 2024. This is the second consecutive year that Michigan’s taxable values will increase by the maximum of 5%. The annual cap calculation does not apply to every situation, such as the year after a property is sold or new construction.
Commercial real estate owners and investors can expect to receive their 2024 Notice of Assessment through the end of February. There are a few paths to appeal for industrial and commercial assessments in Michigan. Taxpayers may appeal to the local March Board of Review by the dates provided on the assessment notice. Alternatively, commercial and industrial property owners may appeal directly to the Michigan Tax Tribunal (MTT) by the May 31st deadline.
We are here to assist in navigating Michigan assessing practices and offer appeal strategies. Please reach out as soon as possible for assistance in determining whether your property is valued fairly or to secure the optimal appeal position.
