Edward Rose Building Co. v. Independence Township

We are called upon to review a determination by the Michigan Tax Tribunal of the true cash value of certain real property owned by the petitioner, a developer. The central issue is whether a group of vacant improved subdivision lots owned by petitioner can be valued utilizing a wholesale discount, resulting in a lower assessed valuation than if each lot had been individually owned. Under the circumstances presented in this case, we conclude that the tribunal adopted wrong principles in measuring the true cash value of petitioner’s property on a discount basis. We therefore affirm the decision…