Property Valuation
In Michigan, the State Equalized Value (SEV) is determined as:
AThe sale price of the property
B50% of the property's true cash value (market value)✓ Correct
CThe taxable value capped by Proposal A
DThe assessed value after the PRE exemption
Explanation
Michigan's State Equalized Value (SEV) is set at 50% of the property's true cash value (estimated market value) by the local assessor. It is used as the baseline for calculating taxable value.
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