In Texas the taxable value is determined by the County Appraisal District. Each year your home/property is given a new tax value. Under Texas law the value is supposed to be equal to the market value, but clearly it is impossible for the appraisal district to do a formal appraisal on every home each each year. In actuality the properties are appraised much like we, as realtors do a CMA for a neighborhood. They look at the neighborhood sales data on MLS for each neighborhood and come up with "average" values for the neighborhood and apply them to the homes there. Homeowners receive a preliminary tax appraisal and are permitted to "protest" the amount if they feel it is incorrect. Most homeowners will ask a local realtor to to a CMA on their home that takes into consideration the condition of the property that could possibly bring the market value down. They then take this information to the protest meeting with the appraisal official and usually are succesful in reducing the "taxable value" of the property. As a homeowner you want to have the LOWEST taxable value possible so you pay less property tax. The "taxable value" and the market value are very often not the same in reality.

Earl, Good idea finding out all the information in advance.
The State of Michigan property tax estimator may help you. Please make sure you enter the correct school district. Values are for 2007 so they may be off by a few percent. Simply enter either the current SEV or half of the asking price for a home and the appropriate area and school district.

http://www.michigan.gov/treasury/0%2C1607%2C7-121--82403--%2…

This website may help.

http://www.parktownship.org/assessed_value.htm

Here is information from the Equalization Department of your County.

http://www.miottawa.org/CoGov/Depts/Equalization/equalization.htm

Missy is correct, sometimes they are very different! You can go to your local city tax site and look up the property and all the info will be listed there.

The taxable value of the property is the value that the municipality is basing your tax rate on.
The SEV is what you would be paying if not for the Headley Ammendment in MI. The SEV is the value they are saying your home is worth, doubled. They can be very different depending on how long you have lived there.
It is set by the township, or city or village. If you give me the specific numbers I could help you more.