3333 Moores River Drive Ass'n v. City of Lansing

Petitioner appeals from several orders of the Michigan Tax Tribunal which upheld ad valorem property tax assessments for tax years 1981 and 1982 made by respondent, City of Lansing, on condominium units owned by petitioner. The property involved consists of eight buildings containing a total of 12 one-bedroom, 56 two-bedroom, and 16 three-bedroom units. In January, 1980, petitioner purchased 82 of the 84 units of what was then an apartment complex for $3,519,-000 with the intention of converting them into condominiums. Petitioner’s expectation that at least 50% of the existing tenants would…