There are usually significant differences between the assessed value and the market value of a particular parcel of land, with the market value usually being higher. In Michigan, for example, the assessed value is supposed to be appraised at half of the market value. Often the only value that is readily available to us for the purposes of property valuation is the assessed value (through tax assessor records). The market value of the home then needs to be established through some multiplier (sometimes referred to as the "mill" rate). As these mill rates may vary from township to township, a consistent method needs to be developed within the LMPDS for translating the assessed value into a reasonable market value for the purposes of potential damage evaluation.

In this task, a consistent method for translating assessed values of lands and improvements into market values will be made, so that damage estimates can be made over the 50-year planning horizon of the study. Such a method will be applicable in both Michigan and Wisconsin, covering the 5 prototype counties.

This task was originally scheduled to be completed in 1999, but has been deferred and will be conducted as part of the potential damage investigations that are being conducted.

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