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RESOURCES AND SERVICES
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There are three main sections that make up your assessment; the value of
your land (based on sales of similar sized parcels), the depreciated cost
of any buildings on said property, and the market impact (location) of
sales of similar properties. The market impact is expressed as an Economic
Condition Factor. This Factor is applied to the depreciated cost of (all)
buildings on your property. The land value is combined with the value of
your building to yield an Assessed Value that is entirely different from
your Taxable Value.
As the March Board of Review has closed, the assessments of all property in Lyndon have been certified and we are now working on the 2007 valuations for the next year’s Board of Review. Most assessments change daily during the year and are usually finalized in February. The deadline for the Principal Residence Exemption is May 1st. The Principal Residence Exemption used to be the Homestead Affidavit. Please remember that the law pertaining to Principal Residence Exemptions is very clear; you must own and occupy by May 1st to be eligible for the 18 mill exemption (roughly 30% of your entire July and December bills) for that same year. If you missed it because you moved in after May 1st, you will be eligible starting the next year. (I know, clear as mud!) Most homes that have sold already have this exemption in place so there usually is a “carry over” from the previous owner. When in doubt, ask the Realtor or seller if there is a Principal Residence Exemption already in place. The Assessment Record Cards are available during normal business hours for inspection. This is the base information used to determine the assessment on all properties in our township. During this spring and summer, you may see me in the field taking digital pictures of our township. If you have any questions, please feel free to contact me. I am in the office on Wednesdays, 9-12, and our home office number is 734-433-9724. Greg F. Zamenski, CMAE III |