Define the following MCAO political economy Flashcards

What does Ad Valorem mean

"the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price that could be obtained for the property at private sale, and not at auction sale except as otherwise provided in this section, or at forced sale" is the definition of what term?

Which four conditions must exist for a property to have value?

The physical land and any structure attached to it, is called?

Which of the following two are NOT rights of ownership (bundle of rights)?

The selling of a property is a

The appraisal process begins with?

What are the three approaches to value

What approach to value uses comparable properties?

What day is tax day in Michigan?

Legally permissible, physically possible, financially feasible, and optimally productive are the four main components of what principal?

This approach to value is often used when; there is a lack of sales, the property has been recently constructed, or when conducting mass appraisals.

The fundamental economic principal used in the cost approach is

It must be reasonably similar and it must reflect the market value at the time of the sale. These characteristics describe a

The three steps in the Cost Approach are