Meadowlanes Ltd. Dividend Housing Ass'n v. City of Holland

This is a dispute over the assessed value of Meadowlanes Limited Dividend Housing Association’s federally subsidized low-income housing complex. The issue before the Court is whether the Michigan Tax Tribunal properly computed the true cash value of petitioner’s property for the purposes of assessing ad valorem taxes for the years 1981, 1982, and 1983. We hold that although it is proper for the Michigan Tax Tribunal to take into account the value, if any, of a federal government mortgage subsidy, the tribunal and the Court of Appeals adopted a wrong principle by determining the true cash…