Property Valuation
In Michigan, the assessed value of property is set by the local:
AState Tax Commission
BTownship or city assessor✓ Correct
CCounty board of commissioners
DLARA's property tax division
Explanation
In Michigan, the local township or city assessor sets the assessed value (SEV = 50% of true cash value) for all real property in their jurisdiction, subject to review by the Board of Review and State Tax Commission.
Related Michigan Property Valuation Questions
- When performing a comparative market analysis (CMA) in Michigan, which adjustment is made to comparable sales?
- The principle of conformity in Michigan real estate appraisal states that property values are maximized when:
- The income approach to value is most appropriate for appraising:
- In Michigan, a 'restricted appraisal report' under USPAP is intended for:
- In Michigan, a 'before-tax cash flow' in investment real estate analysis is:
- External obsolescence affecting a Michigan property's value could be caused by:
- In Michigan, 'market-derived' adjustments in the sales comparison approach means the adjustments are:
- In Michigan, when an appraiser finds no nearby comparable sales, they may:
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