Property Valuation
In Michigan, 'assessed value' differs from 'appraised value' because:
AThey are identical concepts used interchangeably
BAssessed value is set by the local assessor for tax purposes (50% of true cash value in Michigan), while appraised value is an independent estimate of market value✓ Correct
CAppraised value is always lower than assessed value
DAssessed value is only used for commercial properties
Explanation
In Michigan, assessed value (SEV) is set by the local assessor at 50% of true cash value for property tax purposes. An appraised value is an independent opinion of market value prepared by a licensed appraiser, often for lending or legal purposes.
Related Michigan Property Valuation Questions
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