CAF Investment Co. v. Saginaw Township

(concurring in part with and dissenting in part from both Justices Ryan and Moody). Our 1974 CAF1 opinion held, inter alia: (1) the assessing agency may consider a number of different value components in determining true cash value, including values of comparable properties and the statutory term "economic income” from the subject property; (2) the statutory term "economic income” equates with "actual” rent, not "market” rent; and (3) since the assessing agency reached true cash value by capitalizing "market” rather than "actual” rent,2 the case must be reversed and remanded "for proceedings…