Estimated township millage for 2021 released
By Lisa Brody
Bloomfield Township Assessor Darrin Kraatz presented the Bloomfield Township Board of Trustees with the estimated millage and revenue for the 2021 budget at their meeting on Monday, March 8, with an estimated reduction of the millage projected at .9910, for a total of 9.2350 mills.
Kraatz explained they will not know what the exact millage rate will be for 2021 until the township's board of review completes all tax reviews later in March. However, “We're leveraging more tax revenue this year than last year,” he said.
According to the township's millage reduction fraction calculation worksheet, 2020's taxable value was $4,091,548,158; total taxable value for 2021 based on state equalized value (SEV) is expected to be $4,232,574,320.
Kraatz said Headlee rollbacks will be used in determining the final millage rate. The Headlee Tax Limitation Amendment mandates that municipalites can only collect a maximum of five percent increase each year or no more than the rate of inflation, which ever is less. The current maximum allowable rate is 9.3631 mills.