Under Michigan's Proposal A, when property is sold, the taxable value:
Correct Answer
B) Uncaps and is set to 50% of true cash value
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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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Title insurance is a policy that protects the insured party against financial loss from defects in title that were not discovered during the title search. Unlike other insurance, it covers past events rather than future risks.
A title search is an examination of public records to determine the history of ownership, liens, encumbrances, and other interests affecting a property. It verifies that the seller has the legal right to transfer the property.
A transfer tax is a tax imposed by state, county, or local government on the transfer of real property from one owner to another. It is typically based on the sale price or a flat rate per dollar of consideration.
More Transfer Of Title Questions
In Texas, property is reassessed for tax purposes:
Property tax protests in Texas must be filed by:
In Pennsylvania, transfer tax is typically paid by:
Utah property taxes are:
Washington's Real Estate Excise Tax rate is:
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