Property Valuation
In Michigan, the State Tax Commission (STC) oversees:
AReal estate license examinations
BProperty tax assessments and equalization across the state✓ Correct
CMortgage lending standards
DEnvironmental impact assessments
Explanation
Michigan's State Tax Commission supervises and coordinates property tax assessment activities across the state, including equalization (ensuring assessments are at 50% of true cash value) and setting assessment standards.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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