Property Valuation
The principle of progression in Michigan real estate valuation means:
AProperty values always increase over time
BA lower-value property's value is positively influenced by higher-value surrounding properties✓ Correct
CNew construction is always more valuable than older buildings
DLarger lots have higher per-square-foot values
Explanation
The principle of progression holds that a lower-priced property benefits from proximity to higher-priced properties. The lesser property's value is pulled upward by the surrounding higher-value properties.
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