Michigan Tax Tribunal Finds Township Property Tax Valuation Exceeded Statutory Cap

The Michigan Tax Tribunal determined that the taxpayer’s personal property taxable value for 2024 exceeded the capped value formula, and reduced the valuation from $1.21 million to $684,180. The 2023 taxable value of the taxpayer’s natural gas pipeline was $651,600. The township increased the 2024 valuation to $1.21 million. The taxpayer appealed contending the increase was illegal, exceeding the statutory cap. The taxpayer said there was no change in ownership, and no additions or losses, and indicated the legal value, based upon the 5 percent statutory Consumer Price Index factor, was $684,180. The Tax Tribunal agreed, finding that the taxpayer ...