Property Valuation
In Michigan, 'assessed value' for property tax purposes is typically set at what percentage of market value?
A25%
B50%✓ Correct
C75%
D100%
Explanation
Michigan law requires that assessed value (State Equalized Value or SEV) be set at 50% of the property's true cash value (market value). The taxable value, however, may be lower due to Proposal A's cap on increases.
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