For instance, if you were to increase the total market value of a parcel of property by building a garage, the assessed value would increase proportionately. Similarly, should a property value be decreased because of a fire or other catastrophe, the assessed value would decrease to show the downward effect of the damage on the market value of the property. The economy of the entire community affects assessed value. This can easily be seen by looking at the asking prices of homes that are currently for sale on the open market and by finding out what homes have actually sold for within the City of Alpena. The Assessor has not created this value, he simply has the legal responsibility to discover it as it exists and appraise property accordingly.
People make value by their transactions in the market place.
Normal repairs and maintenance such as siding, windows, porches, roof, heating systems, painting and interior remodeling will not be added to your assessed value until you sell the property to someone else. Expenses which are part of a structural addition do no qualify. The property Transfer Affidavit must be filed within 45 days of transfer. The filing deadline is May 1 of each year. I moved to a different home before the May 1 filing deadline.