Buying or selling in Fenton and wondering which value actually matters for pricing and property taxes? You are not alone. Michigan uses a few different numbers for the same home, and they each serve a different purpose. In this guide, you will learn the difference between assessed value, taxable value, and market value, how they connect in Michigan, and what they mean for your next move in Fenton. Let’s dive in.
Market vs. assessed vs. taxable
Market value (true cash value)
Market value, also called true cash value, is what a willing buyer would pay a willing seller in an open market. Appraisals aim to estimate this number. You and your lender care about market value when you set a listing price, write an offer, or underwrite a mortgage.
Assessed value and SEV
In Michigan, the assessed value is generally set at about 50% of market value. State Equalized Value, or SEV, is the assessed value after county equalization. For most properties, SEV equals the assessed value. These values live on the assessment roll and help standardize taxation across municipalities.
- Simple rule of thumb: Assessed value is about 50% of market value in most cases.
Taxable value and Proposal A caps
Taxable value is the number used to calculate your property taxes. Michigan’s Proposal A limits how fast taxable value can rise each year on the same owner. In most years, taxable value increases by the lesser of inflation or 5 percent, unless there is a transfer of ownership, new construction, or certain corrections.
When a property changes hands, taxable value usually “uncaps” the next tax year. That means the taxable value resets to the SEV or assessed value, which is generally 50% of current market value. After that reset, the annual cap applies again.
Principal Residence Exemption (PRE)
If you live in your home as your primary residence, you can apply for the Principal Residence Exemption through the assessor. PRE does not change assessed value or SEV. Instead, it reduces the school operating millage applied to your taxable value, which can lower your tax bill.
What matters when you price or buy in Fenton
Pricing a listing or an offer
Use market value to set your price or offer. Comparable sales, local conditions, and a professional valuation like a CMA or appraisal provide the right guidance. Assessed and taxable values are not reliable for pricing. They reflect administrative rules and caps, and they often lag the real market.
Estimating your property taxes
Your annual property tax is based on taxable value and the total millage rate for your parcel. Millage is expressed in mills, where 1 mill equals 1 dollar per 1,000 dollars of taxable value.
- Basic formula: Property tax = Taxable value × (Total millage rate ÷ 1,000).
To estimate, you need two items: your current taxable value and the current total millage rate for your parcel. The best sources are your tax bill, the Genesee County parcel or tax viewer, and your local assessor.
What happens to taxes after a sale in Fenton
Most buyers see a change because of uncapping. A seller may have a lower taxable value due to the annual cap. After transfer, the buyer’s taxable value typically resets to the SEV or assessed value for the next tax year, which aligns it more closely with current market value.
- Hypothetical example, for illustration only:
- If a home’s market value is $300,000, assessed value is about $150,000.
- If the seller’s taxable value was capped at $100,000, their taxes were based on $100,000.
- After the sale, the buyer’s taxable value may reset to about $150,000, and taxes would be calculated using that higher amount.
This is why the buyer’s tax bill often differs from the seller’s last bill. Plan for this change when you set your budget.
Appraisals, CMAs, and online estimates
How lenders view value
Most lenders require a licensed appraisal for a mortgage. The appraisal estimates market value. Assessed and taxable values are administrative and are not used by underwriters to approve your loan.
CMA vs. appraisal
A Comparative Market Analysis, or CMA, from a local agent is a practical tool for listing and negotiating. A licensed appraisal is more formal and necessary for lending and legal matters. If you plan to appeal an assessed value or need a value for probate or divorce, a state-certified appraisal that follows USPAP is the stronger choice.
Interpreting online estimates
Automated estimates can be a starting point, but they are not a substitute for local expertise. Small submarkets within the Fenton area, unique homes, and recent renovations can throw off automated tools. Use them as a rough guide, then confirm with a CMA or appraisal.
Finding your numbers in Genesee County
You have several reliable places to find your current values and tax history.
- Genesee County parcel or tax viewer. These tools commonly list assessed value, SEV, taxable value, and past bills.
- City of Fenton Assessor’s Office. Contact the assessor to confirm PRE status, recent changes, or to ask about your assessment notice.
- Your annual property tax bill. It shows taxable value and the millages applied in the last cycle.
- Michigan Department of Treasury and State Tax Commission publications. These explain statewide rules for assessments, taxable value caps, and uncapping on transfer.
If you want a precise market price for a listing or purchase, ask a local agent for a CMA, and consider a licensed appraisal if you need a defensible report for lending or an appeal.
When and how to appeal an assessment
Signs you might be over-assessed
You may consider an appeal if the SEV or assessed value suggests a market value that is higher than what similar nearby homes have sold for. Also check your property record for errors, such as incorrect square footage, room counts, or lot size, which can impact value.
The appeal path in Michigan
Start with the assessor and share your evidence. If you still disagree, you can present your case to the local Board of Review, which meets on a set schedule. If you are not satisfied after that, you can file with the Michigan Tax Tribunal, which is a more formal process. Deadlines are strict, so confirm the exact dates with the Fenton assessor or Genesee County Equalization before you file.
Evidence that helps
- Recent licensed appraisal that reflects current market conditions.
- Comparable sales that are arm’s length and close in location and time.
- Photos and documentation of defects or functional issues that affect value.
- Proof of any errors in the assessor’s records.
Quick checklist for Fenton buyers and sellers
- Confirm your property’s assessed value, SEV, taxable value, and PRE status.
- Use current comparable sales to set your price or offer.
- Estimate taxes using taxable value and the latest millage rate for your parcel.
- If buying, plan for taxable value to uncap the next tax year.
- Ask your lender about appraisal requirements before you waive contingencies.
- Consider a licensed appraisal for lending, legal matters, or a formal appeal.
- Watch deadlines for any assessment appeal and contact the assessor early.
Local context for Fenton moves
Fenton and its nearby communities, including Lake Fenton, Linden, Holly, and parts of Grand Blanc and surrounding townships, often have differing millage totals and special assessments. This is why you should pull the exact numbers for your specific parcel. The same home price can carry a different tax bill across municipal lines, based on taxable value and applied millages.
If you are listing, align your price with current market value, not the assessed or taxable value. If you are buying, ask for a tax estimate based on the expected new taxable value after uncapping, not the seller’s last bill. These steps will help you avoid surprises and make a cleaner, more confident decision.
Ready for guidance that is grounded in the Fenton market and supported by clear numbers? Reach out to a local team that can provide a CMA, help you estimate taxes, and connect you with a licensed appraiser when needed. If you are weighing a move, we are here to help.
Looking for a personalized read on your home or target neighborhood, plus smart marketing and local expertise? Connect with C2C Real Estate to get clarity on value and access to premium tools that support a smooth move.
FAQs
What is the difference between assessed value and market value in Michigan?
- Assessed value is generally about 50% of market value and appears on the assessment roll. Market value, or true cash value, is what a home would sell for today.
How does taxable value affect my Fenton property taxes?
- Your annual tax bill is taxable value multiplied by your parcel’s total millage rate, expressed in mills per 1,000 dollars of taxable value.
Will my property taxes go up after I buy a home in Fenton?
- Often yes. After most transfers, taxable value resets to the SEV or assessed value for the next tax year, which can be higher than the seller’s capped taxable value.
Where can I find my assessed, SEV, and taxable values in Genesee County?
- Check the Genesee County parcel or tax viewer, review your annual tax bill, and contact the City of Fenton Assessor’s Office for official details and exemptions.
Does the Principal Residence Exemption change my assessed value?
- No. PRE affects which school operating millages apply to your taxable value. It does not change assessed value or SEV.
Do lenders use assessed or taxable value for mortgages in Michigan?
- No. Lenders rely on a licensed appraisal that estimates market value. Assessed and taxable values are administrative and are not used for underwriting.
When should I consider appealing my assessed value in Fenton?
- If SEV or assessed value implies a market value above recent comparable sales, or if property records contain errors. Start with the assessor, then the Board of Review, and the Tax Tribunal if needed.
