Assessor's Office
Tax Abatements and Exemptions -- October, 2001
CITY OF SAGINAW TAXING UNITS
- Public Libraries of Saginaw
- Saginaw Transit Authority System
- City of Saginaw
- Saginaw Public School District
- Saginaw County
- Delta College
- Saginaw Intermediate School District
TERMS
- Ad Valorem -"according to its value", as in market or true cash value
- Taxable Value- Value you are taxed on. Governed by State Law, restricts increase used to calculate property taxes.
- State Equalized Value (SEV) -50% of market value as determined by City Assessor and County Equalization.
- Millage Rate -Rate used to calculate tax bills. One "mil" equals $1.00 of taxes for every $1,000 of Taxable Value.
- Tax Day -December 31 st of each year is tax day in the State of Michigan. All property tax values are based on situs (location of ) and Ad Valorem (market value of ) as of that date.
- Captured Value -The amount of value and taxes in one year, which exceeds the base value or taxes of the initial year of the project.
- Base - Amount of SEV/taxable value at creation of a District.