What value do assessors determine for each property?

The role of assessors involves determining the value of properties for tax purposes, and the correct answer highlights an important aspect of property valuation within the context of Michigan's tax assessment system.

Assessors specifically determine the assessed value of a property, which is the dollar value placed on a property for taxation purposes. This value is typically a percentage of the property's market value and serves as a basis for calculating property taxes.

Additionally, the capped value is another important term in Michigan's property tax system. It refers to the maximum amount that a property’s taxable value can increase from one year to the next, as governed by Proposal A, which was designed to stabilize property tax assessments in the state.

Since the question asks about the value assessors determine, recognizing that both assessed value and capped value are integral to how property taxes are calculated in Michigan is key. Therefore, the option that includes both assessed value and capped value encapsulates the full scope of the assessor's responsibilities in terms of property valuation. This understanding underscores the assessor's role in property tax administration and their need to balance market trends with regulations governing property assessments.