What is State Equalized Value?

State Equalized Value (SEV) is a property valuation metric used in the United States, particularly in Michigan, to assess the value of real estate for taxation purposes. It represents half of the market value of a property, aiming to ensure equitable taxation among property owners. The SEV is determined by local assessors, who evaluate property values based on sales data and other factors, and is subject to oversight to maintain uniformity across jurisdictions. This value plays a key role in calculating property taxes and is often used in the assessment appeals process.