What is SEV in reference to homes?

Asked by Nic, Montcalm County, MI Sun Jul 13, 2008

We're looking for a home and I keep seeing 'Check out the SEV on this home' and Im not so sure what this means. Please let me know. Thanks

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6
Sam Bugeja, Agent, Northville Township, MI
Sun Jul 13, 2008
SEV refers to the State Equalized Value. The SEV should reflect half of the homes Fair Market Value.
Many homes are listed well below the "SEV Fair market price". The phrase you see is simply a marketing phrase to help you appreciate the value of the sale price. The most important statistic regarding the SEV is to compare the "assessed value ratio" that homes in the area are selling for.
Sam Bugeja
2 votes
Missy Caulk, Agent, Saline, MI
Sun Jul 13, 2008
It depends on your area, but it is basically what the township or city feels you home is worth. But, you need to double it. Is it always right? No, not at all.
It depends on how long ago the home sold and it use to be homes sold for higher than SEV. Now, they sell for sometimes much less.
A good market analysis is best to determine the market value.
1 vote
Debra Drummo…, , Plymouth, MI
Sun Jul 13, 2008
Hi Nic,

Good question! SEV stands for "State Equalized Value". The SEV is used by municipalities to calculate the taxes to be collected. In theory, when doubled, it is the estimate of what that city or township 'perceives' is the value of the property. I say in theory because, in this market, we're not seeing a direct correlation and in fact SEVs are drifting downward.

Taxable Value, on the other hand, is what the homeowners taxes are based on. If an owners have lived in the property a long time, the taxable value goes up at a lower rate than the SEV. That's why when you're looking for homes in the same area, you'll notice a big difference in taxes depending on how long the owners have lived there.
Web Reference:  http://MichiganMoves.com
1 vote
LYNN Afton, Agent, Big Rapids, MI
Sun Jul 13, 2008
Hello Nic,
If you are not already working with a buyer's agent, please call me to find out more about how taxes can affect your purchase of a home at this time of year. No pressure, no obligation. Click on my web link for my cell phone number or direct email- I will be happy to answer all of your questions. -Lynn
0 votes
smith3gary, Agent, White Lake, MI
Sun Jul 13, 2008
Nic,

Here is the information available about properties in Montcalm County you should be able to enter an address or the property number and get some detailed information about a home.
http://www.montcalm.org/TAXWEB/viewparcels.asp

Property Tax Estimator is available at (estimate your new taxes after purchase)
http://www.michigan.gov/treasury/0%2C1607%2C7-121--82403--%2…

As Sam and Deb have suggested, there is a correlation between SEV and the sold price of a home. This will vary by area and the type of market. In general, this value is between 1.8 and 2.25 times SEV. This may not be accurate in your area. Most of southeastern Michigan continues trending lower.

A Buyer's Agent, representing your best interests, would be able to assist you in determining the range of value for your area based upon recent sales. For more information about Real Estate Agency and the Agency Responsibility Act (7/1/2008) visit the website below.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Jul 13, 2008
Debra is correct you can also do a google search I am assured you can locate more answers to your questions. http://www.lynn911.com http://www.homes-for-sale-dallas.com
0 votes
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