What happens after ownership of a property is transferred?
The Michigan Constitution limits how much a propertys taxable value can increase while owned by the same person. Once the property is transferred, the assessor must change the taxable value to 50% of the propertys usual selling price. In other words, in the year following the sale the taxable value equals the current state equalized value.
The Michigan Constitution limits how much a property’s taxable value can increase while owned by the same person. Once the property is transferred, the assessor must change the taxable value to 50% of the property’s usual selling price. In other words, in the year following the sale the taxable value equals the current state equalized value.
The Michigan Constitution limits how much a property’s taxable value can increase while owned by the same person. Once the property is transferred, the assessor must change the taxable value to 50% of the property’s usual selling price. In other words, in the year following the sale or transfer the taxable value and state equalized value (SEV) are the same. This is called uncapping.
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