Transfer Of TitleTaxes
Transfer Of Title Practice Question
Under Michigan's Proposal A, when property is sold, the taxable value:
A
Stays the sameB
Uncaps and is set to 50% of true cash valueC
Decreases automaticallyD
Is frozen for 5 yearsExplanation
Under Proposal A, when property is transferred, the taxable value 'uncaps' and is reset to the State Equalized Value (50% of true cash value).
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