How is "Market Value" defined in the context of Michigan property taxes?

In the context of Michigan property taxes, "Market Value" is defined as the estimated price a property would sell for in the open market. This definition reflects a more comprehensive and standardized approach to property valuation. It takes into account various factors such as current market conditions, the location of the property, comparable sales in the area, and the overall demand for real estate.

Market Value is essential for determining property taxes, as it serves as the basis for assessment. This ensures that tax assessments are reflective of the true economic value of a property at a given time, facilitating fairness and consistency in taxation.

Understanding Market Value in this way is crucial for property owners, appraisers, and tax authorities, as it plays a pivotal role in how properties are assessed and ultimately taxed in Michigan.