A Michigan homeowner challenges his property assessment, believing the assessor has overvalued his home. He disagrees with the local Board of Review's decision. What is the next step available to the homeowner to appeal his property assessment in Michigan?
Correct Answer
B) Appeal to the Michigan Tax Tribunal within 90 days of the Board of Review's decision for non-homestead properties, or by July 31 for homestead properties
Under MCL 205.735a, after receiving an adverse decision from the local Board of Review, a property owner may appeal to the Michigan Tax Tribunal. For principal residence (homestead) properties, the appeal must be filed by July 31 of the tax year. For non-homestead properties (commercial, industrial, rental), the appeal must be filed within 90 days of the Board of Review's decision. The Michigan Tax Tribunal is the primary forum for property tax appeals in Michigan.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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