{"id":12539,"date":"2025-01-30T14:39:51","date_gmt":"2025-01-30T19:39:51","guid":{"rendered":"https:\/\/mml.org\/inside208\/?p=12539"},"modified":"2025-01-30T14:39:51","modified_gmt":"2025-01-30T19:39:51","slug":"treasury-requests-local-units-review-their-taxable-values-for-accuracy","status":"publish","type":"post","link":"https:\/\/mml.org\/inside208\/2025\/01\/30\/treasury-requests-local-units-review-their-taxable-values-for-accuracy\/","title":{"rendered":"Treasury Requests Local Units Review Their Taxable Values for Accuracy"},"content":{"rendered":"<p>The Fiscal Year (FY) 2025 appropriation act (<a href=\"https:\/\/www.michigan.gov\/treasury\/-\/media\/Project\/Websites\/treasury\/ORTA\/CVT-Revenue-Sharing---CVTRS\/FY-2025\/2024PA0121-Revenue-Sharing-Only.pdf?rev=31a1bc40845f41cab40eb0e30435ffab&amp;hash=2DC92E9F3E62AE9C68AA1B494C5EE712\">2024 Public Act 121, Section 952<\/a>) included three new statutory revenue sharing payments (Taxable Value, Weighted Population, and Yield Equalization). The three new payments are based on multiple factors, one of which is taxable values.<\/p>\n<p>To ensure accuracy of the FY 2025 Statutory Revenue Sharing 3 Formula payment calculation, Treasury is requesting local units to review the values indicated in the <em><a href=\"https:\/\/www.michigan.gov\/treasury\/-\/media\/Project\/Websites\/treasury\/ORTA\/CVT-Revenue-Sharing---CVTRS\/FY-2025\/FY-2025-Statutory-Revenue-Sharing---Taxable-Values-1-16-25-FINAL.pdf?rev=a2f36659f0da49308f88ec120ec649e1&amp;hash=738289F4EA027C4E8E866511E127EB06\">FY 2025 Statutory Revenue Sharing &#8211; 2024 Ad Valorem Taxable Values.pdf\u00a0<\/a><\/em>report. Corrections should be submitted using <a href=\"https:\/\/www.michigan.gov\/treasury\/-\/media\/Project\/Websites\/taxes\/Forms\/Local-Government\/6167_01-25.pdf?rev=a3c7282aa28c4b19ac4b40464bdaf3f7&amp;hash=DCDB269E1045D3B6131B9BE407BEA64C\">Form 6167, <em>Correction of 2024 Ad Valorem Taxable Values Used for the FY 2025 Statutory Revenue Sharing 3 Formula Payment Calculations<\/em><\/a>\u00a0by <strong>February 7, 2025.<\/strong><\/p>\n<p><strong>ACTION NEEDED:<\/strong><\/p>\n<ul>\n<li>If a local unit\u2019s 2024 Ad Valorem Taxable Value indicated on the <a href=\"https:\/\/gcc02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.michigan.gov%2Ftreasury%2F-%2Fmedia%2FProject%2FWebsites%2Ftreasury%2FORTA%2FCVT-Revenue-Sharing---CVTRS%2FFY-2025%2FFY-2025-Statutory-Revenue-Sharing---Taxable-Values-1-16-25-FINAL.pdf%3Frev%3D60cf1d2486e1481ebb068bb4177109e3%26hash%3DDD4D40AA741B3CB5701A0B20215CC452&amp;data=05%7C02%7CTreasRevenueSharing%40michigan.gov%7Cb6e3af42339e4f321d2308dd3725c84e%7Cd5fb7087377742ad966a892ef47225d1%7C0%7C0%7C638727357640153916%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=khJget%2BzhrRMHeXwxNMBS9w3sP9i1c1sVJYUXVC50GA%3D&amp;reserved=0\"><em>FY 2025 Statutory Revenue Sharing &#8211; 2024 Ad Valorem Taxable Values (PDF)<\/em><\/a> report is <strong>correct<\/strong>, no further action is needed.<\/li>\n<li>If a local unit&#8217;s 2024 Ad Valorem Taxable Value indicated on the <a href=\"https:\/\/gcc02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fwww.michigan.gov%2Ftreasury%2F-%2Fmedia%2FProject%2FWebsites%2Ftreasury%2FORTA%2FCVT-Revenue-Sharing---CVTRS%2FFY-2025%2FFY-2025-Statutory-Revenue-Sharing---Taxable-Values-1-16-25-FINAL.pdf%3Frev%3D60cf1d2486e1481ebb068bb4177109e3%26hash%3DDD4D40AA741B3CB5701A0B20215CC452&amp;data=05%7C02%7CTreasRevenueSharing%40michigan.gov%7Cb6e3af42339e4f321d2308dd3725c84e%7Cd5fb7087377742ad966a892ef47225d1%7C0%7C0%7C638727357640166442%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=GdqHQ82n2q%2BDBoqz%2Fn9DxNSRJPB9yab77R03qyn0VKI%3D&amp;reserved=0\"><em>FY 2025 Statutory Revenue Sharing &#8211; 2024 Ad Valorem Taxable Values (PDF)<\/em><\/a> report is<strong> incorrect<\/strong>, the local unit should submit a <a href=\"https:\/\/gcc02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fcms.michigan.gov%2Ftreasury%2F-%2Fmedia%2FProject%2FWebsites%2Ftaxes%2FForms%2FLocal-Government%2F6167_01-25.pdf%3Frev%3Da3c7282aa28c4b19ac4b40464bdaf3f7%26hash%3DDCDB269E1045D3B6131B9BE407BEA64C&amp;data=05%7C02%7CTreasRevenueSharing%40michigan.gov%7Cb6e3af42339e4f321d2308dd3725c84e%7Cd5fb7087377742ad966a892ef47225d1%7C0%7C0%7C638727357640178842%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=UHY3kpC9lHdb%2FCxat8iAxK1tJkcW5RJ3LKbU0tDqINw%3D&amp;reserved=0\"><em>Form 6167, Correction of 2024 Ad Valorem Taxable Values Used for the FY 2025 Statutory Revenue Sharing 3 Formula Payment Calculations<\/em><\/a> to Treasury <strong>by February 7, 2025<\/strong>.<\/li>\n<\/ul>\n<p>Note: <em>Form 6167<\/em> submissions must include substantiating documentation. Substantiating documentation accepted by Treasury is a 2024 Miscellaneous Totals Report based on an ad valorem population (the total taxable value can be found on the S.E.V., Taxable and Capped Values page of the 2024 Miscellaneous Totals Report, under the &#8220;BOR Tax&#8221; column).<\/p>\n<p>If you have any questions, please contact our office at 517-335-7484 or email <a href=\"mailto:TreasRevenueSharing@michigan.gov\">TreasRevenueSharing@michigan.gov<\/a>.<\/p>\n<p><em>John LaMacchia is the League\u2019s director of state &amp; federal affairs. He can be reached at\u00a0<\/em><a href=\"mailto:jlamacchia@mml.org\"><em>jlamacchia@mml.org<\/em><\/a><em>\u00a0or 517-908-0303.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fiscal Year (FY) 2025 appropriation act (2024 Public Act 121, Section 952) included three new statutory revenue sharing payments (Taxable Value, Weighted Population, and Yield Equalization). The three new payments are based on multiple factors, one of which is taxable values. To ensure accuracy of the FY 2025 Statutory  [&#8230;]<\/p>\n","protected":false},"author":455,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-12539","post","type-post","status-publish","format-standard","hentry","category-uncategorized","mml-onemagnify-plugin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Treasury Requests Local Units Review Their Taxable Values for Accuracy - Inside 208<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mml.org\/inside208\/2025\/01\/30\/treasury-requests-local-units-review-their-taxable-values-for-accuracy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Treasury Requests Local Units Review Their Taxable Values for Accuracy - Inside 208\" \/>\n<meta property=\"og:description\" content=\"The Fiscal Year (FY) 2025 appropriation act (2024 Public Act 121, Section 952) included three new statutory revenue sharing payments (Taxable Value, Weighted Population, and Yield Equalization). 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