Transfer Of TitleTaxesMEDIUM
Michigan's property tax is based on:
Correct Answer
B) Taxable value, which is capped at the rate of inflation or 5%, whichever is less
Michigan property tax is based on taxable value, which is capped annually at the rate of inflation or 5%, whichever is less, under Proposal A.
Answer Options
A
Market valueB
Taxable value, which is capped at the rate of inflation or 5%, whichever is lessC
Purchase price onlyD
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Related Topics & Key Terms
Related Topics:
property-valuation-methodsstate-specific-tax-lawstransfer-tax-implications
Key Terms:
Proposal Ataxable valueMichigan property taxuncappinginflation cap
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