Why the SEV drop?

Profile picture for melindas948295
Last year, the SEV dropped. Why is that?
Question refers to 911 Woodlawn Ave, Ann Arbor, MI 48104
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February 18 2008
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Answers (2)

Profile picture for twiltse
A drop in SEV is a result of the drop in the market for similar properties. Each year tax assessors are required to make adjustments to keep SEV's in line with actual values, by comparison to fair market sales of similar properties. When the market goes down, the SEV needs to go down, since it is always supposed to be 50% of fair market value. 
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January 26 2011
Profile picture for melindas948295
Moved to another house, so the tax level on the property dropped, since it's not our primary residence any more.
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February 18 2008
 

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