<\/span><\/h2>\nThe SEV (State Equalized Value)<\/strong> is determined by the local assessor and represents the market value estimate of a property. Mass appraisals, which involve assessing multiple properties at once, are often used to calculate SEV. This value is subject to annual assessment increases based on market fluctuations and certain factors affecting property values. SEV is crucial for determining property tax assessments.<\/p>\nOn the other hand, taxable value<\/strong> is linked to Proposal A\u2014a tax reform passed in Michigan in 1994\u2014and determines the value used for calculating property taxes. Taxable value is the lower of either SEV or the capped value, which is the taxable value from the previous year multiplied by the consumer price index or 5%, whichever is less. Taxable value is the value used to calculate a homeowner’s tax bill.<\/p>\n