According to Article 9, Section 3 of the Michigan Constitution, property assessments must not exceed what percentage of true cash value?

The correct answer is based on the stipulations set forth in Article 9, Section 3 of the Michigan Constitution, which clearly states that property assessments must be based on true cash value. In Michigan, this is defined as the estimated price a property would bring in a competitive and open market, reflecting its current market condition.

To ensure fairness and equity in taxation, the property assessments are mandated not to exceed 50% of the true cash value. This requirement is crucial as it allows for a standardized approach to property taxation, helping to prevent over-assessment and ensuring that property owners are taxed fairly based on an accurate evaluation of property value.

The other options reflect percentages that are lower than the required 50% maximum. However, they do not align with the constitutional standard and therefore do not represent the correct maximum assessment limit as dictated by Michigan law.