Fair Market Value is determined by the tax assessor, which is assessed at 40%
Millage Rates are set by the counties, school boards and cities. A mill is equal to a dollar for each $1,000 of assessed value minus any exemptions.
Standard Homestead Exemption is available to resident homeowners for their primary residence. There may be additional exemptions available for senior citizens, etc. The homeowner need only file one time as long as the property remains their primary residence. Each county has a deadline for filing for these exemption.