Property Valuation
In Michigan, a property's 'true cash value' as used for assessment purposes is best described as:
AThe seller's asking price
BThe usual selling price in an arm's-length transaction✓ Correct
CThe assessed value times 2
DThe replacement cost of all improvements
Explanation
Michigan defines true cash value (TCV) as the usual selling price at the time of assessment in an arm's-length transaction, i.e.
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