Glossary of Terms

Capped Value (CAP): Last year's taxable value, less losses, increased by the amount of the Consumer Price Index (CPI) or 5 percent, whichever is lower, plus the value of new construction.

Consumer Price Index (CPI): Determined by the US Bureau of Labor Statistics.

Assessed Value (AV): Half of the True Cash Value

State Equalized Value (SEV): County and State Equalization studies are performed after the local municipalities have finalized their assessment rolls which results in a factor applied to the assessed values. Historically, for Auburn Hills, this factor has been 1.000 which means that the SEV and the Assessed Values have been the same.

Taxable Value (TV): The lesser of the SEV and the CAPPED Value. Property taxes are determined by multiplying the taxable value by the millage rate.

CLICK the link below to connect with Oakland County Equalization's website that contains more Frequently Asked Questions.  https://www.oakgov.com/mgtbud/equal/FAQ/Pages/Personal-Property-Assessments-and-Taxes.aspx

Where can I review my property record?

When will my property be evaluated?

Why do assessed values change from year to year?

How can my Taxable Value go up when my Assessed Value stays the same or even goes down?

If I repair my home will my assessment go up?

What is the deadline for filing a Principal Residence Exemption Affidavit?

I moved to a different home before the June1 filing deadline. May I claim my new home?

I moved into my Auburn HIlls home after June 1st, but by November 1st.  Do I qualify for a Principal Residence Exemption?

Can I, as closing agent, be held liable to a buyer or seller if the buyer is not granted a homestead exemption because I did not provide either an update or an affidavit form, or I did not submit their form on time?

When I claim an exemption on my new residence, what happens to the exemption on the residence I sold?

I am moving into a new home and converting my current home to a rental property in November. Do I have to rescind the exemption on my current home?

I just moved into a new home and have my prior home up for sale. Can I keep the PRE on my prior home?

What happens when a lender has foreclosed on a mortgage and the home is now vacant?

What determines principal residence?

I own two homes in Michigan. For which home do I claim the exemption?

I have a home in Michigan and in another state. May I claim an exemption on my Michigan home?

May renters file for this exemption?

My children own my home, but I hold a life estate. May I claim the exemption?

I am leasing my home with an option to buy. May I claim my home?

I live in a nursing home but still maintain a home that I eventually plan on returning to. May I claim an exemption on the home I own?

I own the lot adjoining and contiguous to my home, and it has a different property identification number than the parcel on which my homestead is located. May I also claim an exemption on this property?

I live in part of my home and operate a business in another part. May I claim an exemption?

I rent a room in my home to a boarder. May I still claim an exemption?

I own a duplex and I live in one of the units. My father lives in the other unit but does not pay rent. May I claim an exemption on both units?

Where can I find information on a Conditional Rescission of Principal Residence Exemption?

How do I file for a transfer of ownership for a property?

I closed my business this year (or moved it out of Auburn Hills), and still received a tax bill for my personal property.  Do I have to pay it?  Why?