HomeMy WebLinkAboutResolutions - 1975.05.01 - 14760Richard R. Wilcox, Chairman
May 1, 1975 Miscellaneous Resolution 7086
BY: FrNANCE COMMITTEE - Richard R. Wilcox, Chairman
• IN RE! ADJUSTING TAX RATES DOWNWARD AFTER ALLOWING
AN INCREASE IN COST OF LIVING
TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS
Mr. Chairman, Ladies and Gentlemen:
WHEREAS the Michigan Constitution provides that all Real and Personal Property shall
not be assessed at a rate exceeding 50% of its value; and
WHEREAS the present State Law requires the assessment and equalization of property at
50% of its value each year; and
WHEREAS this annual review of assessments and equalization have resulted in an ever
increasing State Equalized Value for the vast majority; and
WHEREAS little effort has been made to reduce Tax Rates to offset these increases in
State Equalized Value;,
NOW THEREFORE BE IT RESOLVED that this Board go on record as recommending the
following language be incorporated in the General Property Tax Laws of the State of Michigan:
"Whenever the County Board of Commissioners or the State Tax
Commission order a change in equalized value for the purpose of
equalization, the Equalization Director shall certify to each school
district, city, township and county, the amount of adjustment due
from existing properties together with the cost of living index. The
millage rates of each taxing authority shall be decreased in proportion
to the net adjustment increase, (total market price adjustments minus
the cost of living increase) as compared to the prior year's State Equalized
Value, or if the cost of living increase is greater than the proposed market
corrections to State Equalized Value, then the rnillage rates may be
increased up to the maximum limitation but not greater than the cost of
living increase. "
The Finance Committee, by Richard R. Wilcox, Chairman, moves the adoption of the
foregoing resolution.
.FINANCE COMMITTEE
#7086
The Chairman referred the resolution to the General Government Committee.
There were no objections.