Basic Assessing Definitions (as taken from the Assessor's Training Manual- Michigan State Assessors Board)

Assessed Value: The assessment is recorded on the assessment roll at 50% of the value.

Taxable Value: The taxable value of each parcel of property, adjusted for additions and losses, shall not increase each year by more than the increase in the immediately preceeding year in the general price level (CPI) or 5%, whichever is less, until the ownership of the parcel is transferred.

Capped Value: Capped value is a mathematical formula which quantifies the increased taxable value to the rate of inflation adjusted for new and loss. New and loss is a change in a properties physical characteristics.