Property Valuation
Depreciation in appraisal refers to:
ATax deductions for real estate investors
BAny loss in value from any cause✓ Correct
CThe age of the improvements
DThe difference between land value and total value
Explanation
In appraisal, depreciation means any loss in property value from any cause — physical deterioration, functional obsolescence, or external obsolescence — measured from current cost to reproduce the improvements.
Related Michigan Property Valuation Questions
- In Michigan, the State Tax Commission (STC) oversees:
- In Michigan, 'regression' and 'progression' principles in appraisal state that:
- Michigan's Principal Residence Exemption (PRE) from certain school taxes requires:
- In Michigan, a property's 'taxable value' can never exceed its:
- In the sales comparison approach, an appraiser makes adjustments to comparable sales to:
- Highest and best use in appraisal is the use that is:
- Which of the following best defines 'market value' in Michigan appraisal?
- In Michigan, which of the following would NOT be considered a comparable sale for appraisal purposes?
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