The General Property Tax Act requires that real property be assessed annually in each township by a certified assessor. The assessor is to estimate the true cash value, as defined by Legislature for each description, and record the assessed value and the tentative taxable value of that parcel in the roll. The tax act states that the assessor, in determining the property to be assessed and in estimating its value, shall exercise his or her best judgment.
The tax act also creates a board of local citizens to examine and review the assessment and to correct errors in the names, descriptions and assessments.This Board also must meet to listen to taxpayers who wish to protest their assessment and grant them relief if such action is appropriate. The board has limited power to grant principle residence (homestead) exemptions and qualified agricultural property exemptions from certain local school operating taxes and to grant hardship exemptions.
If a property owner who has protested at the March board of review is not satisfied with the board's decision, the property owner has the right to appeal to the Michigan Tax Tribunal.