How is True Cash Value defined according to Michigan law?

True Cash Value, as defined by Michigan law, refers to the usual selling price of a property. This definition reflects the price that a property would likely sell for under normal market conditions and is based on the assumption that the buyer and seller are both informed and willing participants in the transaction. This concept is crucial because it serves as the basis for property assessments, ensuring that properties are valued fairly in relation to what they could realistically fetch in the market.

In the context of the other options, while assessed value might be a term used in property evaluation, it does not equate to True Cash Value, which focuses on potential market transactions rather than the official assessment figures. Similarly, the highest selling price and the average price of comparable properties may not accurately represent the True Cash Value, as they do not consider the conditions of a typical sale (e.g., buyer motivation, financing terms) that would influence normal market behavior. True Cash Value, therefore, is specifically aimed at estimating what a property would go for in a typical arm’s-length transaction.