Form 603 "State Tax Commission Analysis for Equalized Valuation of Real Property" - Michigan

What Is Form 603?

This is a legal form that was released by the Michigan Department of Treasury - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on May 1, 2018;
  • The latest edition provided by the Michigan Department of Treasury;
  • Easy to use and ready to print;
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  • Fill out the form in our online filing application.

Download a fillable version of Form 603 by clicking the link below or browse more documents and templates provided by the Michigan Department of Treasury.

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Download Form 603 "State Tax Commission Analysis for Equalized Valuation of Real Property" - Michigan

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L-4018R
Michigan Department of Treasury
603 (Rev. 05-18), Page 1
State Tax Commission Analysis for Equalized Valuation of Real Property
County Name
City/Township Name (check appropriate box)
Study Year
/
Equalization Year
City
Township
Assessment Roll Classification
Sample
% Ratio
Class of Real
Study
Stratified
No. of
Projected
Combined
Assessments
Property
Type
Study
Assessed Value
Parcels
Assessed Value
True Cash Value
True Cash Value
Remarks
Study
to Appraisals
%
100 Agricultural
%
200 Commercial
%
300 Industrial
%
400 Residential
%
500 Timber-Cutover
%
600 Developmental
%
TOTAL - REAL
Study Type Codes
AS: Appraisal Study
NC: None Classified
OH: One Hundred % Study
S1: One Year Sales Study
S2: Two Year Sales Study
NW: New Class
RA: Reappraisal
ES: Estimated Values (Explain):
INSTRuCTIONS, Page 1:
Sample True Cash Value: Enter the true cash value of the appraisal
For the following, enter into the appropriate field within each
study sample when study type “AS” is used. NOTE: No data entry
classification of real property, the study results of each study
Enter county name.
required if using a sales study, stratified study or combined study.
conducted.
Enter Unit name and check the appropriate box for township or city.
% Ratio Assessments to Appraisals: Enter the ratio by dividing
Study type: No entry required.
Enter study year followed by equalization year.
the “Assessed Value by the “True Cash Value” of the appraisal study
Stratified Study: No entry required.
For the following, enter into the appropriate field within each
sample when study type “AS” is used. The ratio will be rounded to
Combined Study: No entry required.
classification of real property, the study results of each study
four decimals and displayed using two decimals (0.4975 displayed as
conducted.
Assessed Value: Enter the total current year’s ending Assessed
49.75) NOTE: If using a sales study, enter the applicable ratio from
Study type: Enter the two character code/s that best identify the
Value of the classification from the 2164 (L-4023). This is the sum
the form 2793 (L-4017/L-4047). If using a stratified or combined study,
study type/s used to obtain the projected true cash value for the
of all the assessed value for the classification from the current year
then the resulting “Study % Ratio” for the classification is used from
individual unit 2164’s (L 4023’s).
classification. NOTE: The two character codes to be used can be
page 2 for a Stratified Study or from page 3 for a Combined Study.
found under the “Study Type Codes” heading of this form.
No. of Parcels: Enter the total number of study parcels included in
Projected True Cash Value: Enter the projected true cash value
Stratified Study: If a stratified study is used, check this box and
the classification.
by dividing “Assessed Value” of the classification by the “% Ratio
follow the instructions on page 2 of this form.
Sample Assessed Value: No entry required.
Assessment to Appraisals”. NOTE: If using a stratified or combined
Combined Study: If a combined study is used, check this box and
Sample True Cash Value: No entry required.
study, then the total projected true cash value for the classification
follow the instructions on page 3 of this form.
is used from page 2 for a Stratified Study or from page 3 for a
% Ratio Assessments to Appraisals: Enter the ratio by dividing
Assessed Value: Enter the current year’s ending Assessed Value of
Combined Study.
the total Assessed Value of the classification by the total Projected
the classification from the 2164 (L-4023).
True Cash Value of the classification. The ratio will be rounded to
Remarks: Enter brief remarks relating to the study if applicable.
No. of Parcels: Enter the number of parcels included in the study
four decimals and displayed using two decimals (0.4975 displayed as
Study Type Codes: If “ES” was selected as a study type, please give
sample.
49.75).
a brief explanation why the estimated value was used.
Sample Assessed Value: Enter the assessed value of the appraisal
Projected True Cash Value: Enter the total Projected True Cash
INSTRuCTIONS: County Summary (Total Recap)
study sample when study type “AS” is used. If “OH” is also selected this
Value by summing the projected true cash values of the individual
Enter county name.
value must match Assessed Value of the classification. NOTE: No data
units in the classification.
Enter study year followed by equalization year.
entry required if using a sales study, stratified study or combined study.
Remarks: Enter brief remarks relating to the study if applicable.
Reset Form
L-4018R
Michigan Department of Treasury
603 (Rev. 05-18), Page 1
State Tax Commission Analysis for Equalized Valuation of Real Property
County Name
City/Township Name (check appropriate box)
Study Year
/
Equalization Year
City
Township
Assessment Roll Classification
Sample
% Ratio
Class of Real
Study
Stratified
No. of
Projected
Combined
Assessments
Property
Type
Study
Assessed Value
Parcels
Assessed Value
True Cash Value
True Cash Value
Remarks
Study
to Appraisals
%
100 Agricultural
%
200 Commercial
%
300 Industrial
%
400 Residential
%
500 Timber-Cutover
%
600 Developmental
%
TOTAL - REAL
Study Type Codes
AS: Appraisal Study
NC: None Classified
OH: One Hundred % Study
S1: One Year Sales Study
S2: Two Year Sales Study
NW: New Class
RA: Reappraisal
ES: Estimated Values (Explain):
INSTRuCTIONS, Page 1:
Sample True Cash Value: Enter the true cash value of the appraisal
For the following, enter into the appropriate field within each
study sample when study type “AS” is used. NOTE: No data entry
classification of real property, the study results of each study
Enter county name.
required if using a sales study, stratified study or combined study.
conducted.
Enter Unit name and check the appropriate box for township or city.
% Ratio Assessments to Appraisals: Enter the ratio by dividing
Study type: No entry required.
Enter study year followed by equalization year.
the “Assessed Value by the “True Cash Value” of the appraisal study
Stratified Study: No entry required.
For the following, enter into the appropriate field within each
sample when study type “AS” is used. The ratio will be rounded to
Combined Study: No entry required.
classification of real property, the study results of each study
four decimals and displayed using two decimals (0.4975 displayed as
conducted.
Assessed Value: Enter the total current year’s ending Assessed
49.75) NOTE: If using a sales study, enter the applicable ratio from
Study type: Enter the two character code/s that best identify the
Value of the classification from the 2164 (L-4023). This is the sum
the form 2793 (L-4017/L-4047). If using a stratified or combined study,
study type/s used to obtain the projected true cash value for the
of all the assessed value for the classification from the current year
then the resulting “Study % Ratio” for the classification is used from
individual unit 2164’s (L 4023’s).
classification. NOTE: The two character codes to be used can be
page 2 for a Stratified Study or from page 3 for a Combined Study.
found under the “Study Type Codes” heading of this form.
No. of Parcels: Enter the total number of study parcels included in
Projected True Cash Value: Enter the projected true cash value
Stratified Study: If a stratified study is used, check this box and
the classification.
by dividing “Assessed Value” of the classification by the “% Ratio
follow the instructions on page 2 of this form.
Sample Assessed Value: No entry required.
Assessment to Appraisals”. NOTE: If using a stratified or combined
Combined Study: If a combined study is used, check this box and
Sample True Cash Value: No entry required.
study, then the total projected true cash value for the classification
follow the instructions on page 3 of this form.
is used from page 2 for a Stratified Study or from page 3 for a
% Ratio Assessments to Appraisals: Enter the ratio by dividing
Assessed Value: Enter the current year’s ending Assessed Value of
Combined Study.
the total Assessed Value of the classification by the total Projected
the classification from the 2164 (L-4023).
True Cash Value of the classification. The ratio will be rounded to
Remarks: Enter brief remarks relating to the study if applicable.
No. of Parcels: Enter the number of parcels included in the study
four decimals and displayed using two decimals (0.4975 displayed as
Study Type Codes: If “ES” was selected as a study type, please give
sample.
49.75).
a brief explanation why the estimated value was used.
Sample Assessed Value: Enter the assessed value of the appraisal
Projected True Cash Value: Enter the total Projected True Cash
INSTRuCTIONS: County Summary (Total Recap)
study sample when study type “AS” is used. If “OH” is also selected this
Value by summing the projected true cash values of the individual
Enter county name.
value must match Assessed Value of the classification. NOTE: No data
units in the classification.
Enter study year followed by equalization year.
entry required if using a sales study, stratified study or combined study.
Remarks: Enter brief remarks relating to the study if applicable.
603, Page 2
L-4018R
State Tax Commission Analysis for Equalized Valuation - Real Property Stratified Study
Classification Type:
County Name:
Local Unit Name:
Stratified Study Worksheet
A
B
C
D
E
F
G
H
I
Study Type
No. of Parcels
Current Year’s Assessed
Total Assessed Value of
True Cash Value of
Study %
Sub Group Projected
Sub Group Name
Code
used in Sample
Value of Sub Group
Parcels Used in Sample
Parcels Used in Sample
Ratio
True Cash Value
Remarks
%
%
%
%
%
%
%
%
%
%
STuDY TOTALS:
J
K
L
M
N
See instructions below to
determine Stratified Study
%
Totals for J, K, L and M.
Stratified Study Worksheet Instructions:
When the “Stratified Study” box for a real property class is checked (X) on page 1 of this form, complete the following steps for each Sub Group within the Stratified Study:
NOTE: A separate “Stratified Study Worksheet” (Page 2) must be completed for each real classification that stratifies a classification’s study.
INSTRuCTIONS FOR COMPLETING COLuMNS FOR EACH STRATIFIED STuDY SuB GROuP:
INSTRuCTIONS FOR COMPLETING THE STRATIFIED STuDY TOTALS:
Column A: Enter the appropriate name of the sub group. Note; if stratifying out a single parcel, a
Column J: Enter the total sum of column C “No. of Parcels Used in Sample”.
parcel number may be used.
Column K: Enter the total sum of column D “Current Year’s Assessed Value of Sub group”. The total in
“K” is also entered on page 1 of this Form into the “Assessed Value” field under the “Assessment Roll
Column B: Enter the appropriate code for the study type of the study group sample.
Classification” heading for the appropriate real property class. NOTE: The total for this column should
Column C: Enter the number of parcels that are included in the study group sample.
match the ending assessed value from the current Form 2164 (L-4023) for the classification.
Column D: Enter the current year’s assessed value that is applicable to the parcel and sub
Column L: The total is calculated by dividing the total in “K” by the total in “M.” The total “Study
group(s). NOTE: The total for this column should be the total assessed value for the classification
% Ratio” is then entered on page 1 of the form into the “% Ratio Assessments to Appraisals”
(see Column K).
field for the appropriate real property class. NOTE: The total “Study % Ratio” is not equal to the
Column E: If an Appraisal Study was conducted, enter the assessed value of the parcels used in
sum of the ratios in column G.
the sample. NOTE: For a sales study no data entry required.
Column M: Enter the total sum of column “H”. The total in “M” is then entered on page 1 of the
Column F: If an Appraisal Study was conducted, enter the true cash value of the parcels used in the
form in the “Projected True Cash Value” field for the classification.
sample. NOTE: For a sales study no data entry required.
Column N: Enter study remarks (a brief explanation why the stratified study was used). These
Column G: Enter the ratio for the sub group. The “Study % Ratio” can be calculated two different
study remarks should also be entered on page 1 of this form.
ways depending on the type of study conducted: (1) divide “D” by “H” or (2) divide “E” by “F.”
NOTE: For a sales study enter the ratio from Form 2793 (L-4017/L-4047).
Column H: Enter the projected true cash value for an estimated study. For a sales study or
appraisal study divide “D” by “G.”
Column I: “Remarks”: This field is utilized to provide remarks to describe the sub group.
603, Page 3
L-4018R
State Tax Commission Analysis for Equalized Valuation - Real Property Combined Study
Classification Type:
County Name:
Local Unit Name:
Combined Study Worksheet
A
B
C
D
E
F
G
H
I
Study Type
No. of Parcels
Current Year’s Assessed
Total Assessed Value of
True Cash Value of
Study %
Projected True Cash
Study Group
Code
used in Sample
Value of Class
Parcels Used in Sample
Parcels Used in Sample
Ratio
Value of Class
Remarks
%
%
%
%
%
%
%
%
%
Study Totals:
J
K
L
M
N
See instructions below to
determine Combined Study Totals
%
.%
for J, K, L and M.
Combined Study Worksheet Instructions:
When the “Combined Study” box for a real property class is checked (X) on page 1 of this form, complete the following steps for each sub group sample within the combined study.
NOTE: A separate Combined Study Worksheet” (Page 3) must be completed for each real classification that combines a classification’s study.
INSTRuCTIONS FOR COMPLETING THE COLuMNS FOR EACH COMBINED STuDY
INSTRuCTIONS FOR COMPLETING THE COMBINED STuDY TOTALS:
SAMPLE GROuP:
Column J: Enter the total sum of column C “No. of Parcels Used in Sample.”
Column K: Enter the “Current Year’s Assessed Value” for the whole class. NOTE: Unless there
Column A: Enter the appropriate name of the study group sample.
is also a stratification in this class, the total for this column should match the ending assessed
Column B: Enter the appropriate code for the study type of the study group sample.
value from the current Form 2164 (L-4023) for the classification. If there is a Combined Study
Column C: Enter the number of parcels that are included in the study group sample.
with a Stratified Study, then subtract the assessed value of the stratified parcels from the total.
Column D: No data entry required.
Column L: The total “Study % Ratio” is equal to the sales study ratio plus the appraisal study
ratio divided by number of study groups. The total “Study % Ratio” is then entered in the
Column E: Enter the current assessed value of parcels used in the sample. NOTE: For a sales
“% Ratio Assessments to Appraisals” field for the appropriate real property class under the
study no data entry required.
“Sample” heading on page 1 of this form. NOTE: If there is a Combined Study with a Stratified
Column F: Enter the true cash value of appraisals of parcels used in the sample. NOTE: For a
Study, carry this ratio to page 2 in Column “G,” “Study % Ratio” for the Combined Study Sub
sales study no data entry required.
Group.
Column G: Enter the study ratio for each study group sample. The appraisal “Study % Ratio”
Column M: Enter the projected true cash value by dividing “K” by “L.” The “Projected True Cash
is calculated by dividing “E” by “F.” NOTE: For a sales study enter the ratio from Form 2793
Value” is then carried to page 1 under “Projected True Cash Value” field for the appropriate real
(L-4017/L-4047).
property class. NOTE: If there is a Combined Study with a Stratified Study, carry this value to
Column H: No data entry required.
page 2, column “H” “Sub Group Projected True Cash Value” for the Combined Study Sub Group.
Column I: “Remarks”: This field is utilized to provide the reason for a Combined Study and “OH” if
Column N: Enter study remarks (a brief explanation why the study type was used). These study
100% of the parcels are being used in the study.
remarks should also be entered on page 1 of this form.
Page of 3