define state equalized value
So many people are confused on how Michigan property taxes work, one of the keys is to understand what SEV (state equalized value) definition is. SEV (STATE EQUALIZED VALUE) - is 1/2 the market value the city assessor assigns your property. So if the the city assessor thinks your house is worth $320,000 then your SEV would be $160,000. SEV is not the amount the city bases your taxes. SEV is not what you can sell your Metro Detroit home for.