In Michigan, the State Equalized Value (SEV) of a property is defined as what percentage of the property's assessed market value?
Correct Answer
C) 50% of the assessed market value
In Michigan, the State Equalized Value (SEV) is defined as 50% of the property's assessed market value. This is established by the Michigan Constitution and state statute. The SEV is the figure to which taxable value 'uncaps' upon transfer of ownership under Proposal A. Understanding that SEV equals 50% of market value is essential for correctly interpreting Michigan property tax assessments.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
Continuing education (CE) refers to the ongoing coursework that licensed real estate professionals must complete during each renewal cycle to maintain an active license. CE ensures agents stay current with changes in laws, regulations, and industry practices.
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
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