This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

Transferring mortgaged properties to an LLC may trigger due-on-sale clauses, but transferring to a trust first can mitigate this risk.

@Chris Rendall couple comments,@Wayne Brooks is correct if it was a Homeowners policy now being transfer to an LLC and used as a rental. 

Transfer wealth from rich to poor?

I did sell one of my personal residences on LO and that one did payoff.. but that was an executive that got transferred from his home state to our area wanted a nice home and they did convert within 9 months once their home sold and closed..

Many investors start with personal ownership and transfer the property to an LLC later, but it depends on your long-term goals and risk tolerance.

I tried QBO and Xero years ago and QBO would not allow automated transfer of data from AppFolio (my PMs software) to QBO; so, I have used Xero since then and been happy with it. 

Can the loan be transferred to another buyer if I sell the property before the term ends?

I recommend you find a qualified intermediary who:Will not commingle your funds with other clients.Holds a Fidelity Bond with Errors and Omissions Insurance.Member of the Federation of Exchange Accommodators and Better Business Bureau.Wire Transfer Security measures to counter wire fraud.Have a great day!

Your estate could still go through probate to determine how the LLC and other assets are distributed.You may be able to record a "transfer on death" deed for your property so it automatically transfers to another person when you die.