Property Valuation
In Michigan, 'detrimental conditions' near a property (e.g., landfill, power lines, busy highway) affect value through:
AOnly zoning restrictions, not market value
BExternal (economic) obsolescence—a loss in value from factors outside the property✓ Correct
CFunctional obsolescence within the building
DPhysical depreciation of the structure
Explanation
Adverse external conditions (landfill odors, power line visual impact, highway noise) cause external/economic obsolescence—a reduction in the property's market value due to factors outside the boundaries of the property that the owner cannot control.
Related Michigan Property Valuation Questions
- Functional obsolescence in an appraisal refers to:
- In Michigan, when an appraiser finds no nearby comparable sales, they may:
- In Michigan, 'assemblage' in real estate refers to:
- In Michigan appraisal, 'market rent' differs from 'contract rent' because:
- In Michigan appraisal, 'effective age' of a building refers to:
- In Michigan appraisal, 'highest and best use' is defined as:
- Michigan's Board of Review allows property owners to appeal their:
- In Michigan, the State Tax Commission (STC) oversees:
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