Property Valuation
In Michigan, 'market value' as used in appraisal is defined as:
AThe tax-assessed value set by the local municipality
BThe most probable price a property will bring in an arm's-length transaction with a knowledgeable and willing buyer and seller✓ Correct
CThe price the owner paid for the property
DThe replacement cost of the structure
Explanation
Market value is defined as the most probable price a property would bring in an arm's-length, open market transaction where both buyer and seller are knowledgeable, acting freely, and without undue pressure.
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