Transfer Of TitleTaxesHARD
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).
Answer Options
A
Stays the sameB
Uncaps and is set to 50% of true cash valueC
Decreases automaticallyD
Is frozen for 5 yearsAudio Lesson3 min
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Related Topics & Key Terms
Related Topics:
michigan-property-tax-assessmentproperty-disclosure-requirementsmarket-value-vs-assessed-value
Key Terms:
Proposal Ataxable valueuncappingState Equalized ValueMCL 211.27a
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