Washtenaw County v. State Tax Commission

Although we join Judge Allen in Issues II, III and IV, we cannot join in Issue I because we do not agree that "usual selling price” necessarily means whatever a buyer pays for property.

Because of extraordinarily high interest rates, some real estate buyers and sellers have recently used different forms of "creative financing” to finance their property sales. Using such financings, a buyer might pay more for a property where the payments are made over an extended number of years than he or she would have if the sale were financed through a conventional mortgage. Although the property’s value…