This would include residential, commercial, industrial and agricultural classes of property.
Real property is revalued every two years.
The effective date of the assessment is January First of the current year. The assessor determines a full or partial value of new construction, or improvements depending upon the state of completion as of January First. The Assessor is concerned with value, not taxes. Taxing jurisdictions such as schools, cities, and townships, adopt budgets after public hearings. This determines the tax levy, which is the rate of taxation required to raise the money budgeted.