Property Valuation
In Michigan, a 'retrospective appraisal' is valued as of:
AThe date the appraisal is written
BA past date, such as the date of a sale, death, or legal event✓ Correct
CThe future projected value of the property
DThe date of the last tax assessment
Explanation
A retrospective appraisal determines value as of a past date—such as the date of death for estate purposes, the date of a sale for litigation, or the date of an insurance loss. The appraiser uses data available as of that past effective date.
Related Michigan Property Valuation Questions
- Functional obsolescence in an appraisal refers to:
- In the sales comparison approach, an appraiser makes adjustments to comparable sales to:
- In Michigan, the cost approach to value estimates:
- The principle of substitution in appraisal states that a buyer will not pay more for a property than:
- The sales comparison approach to value is based on the principle of:
- Michigan's Board of Review allows property owners to appeal their:
- In Michigan appraisal, 'market rent' differs from 'contract rent' because:
- The income capitalization approach is most commonly used to appraise:
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