Michigan Tax Tribunal Modifies Taxpayer’s Mall Valuation

The Michigan Tax Tribunal modified the true cash value (TCV), state equalized value (SEV), and taxable value (TV) assessments levied by the City of Walker for the 2023 tax year. The dispute centered on whether the subject property should be valued as a single economic unit power center or as two separate strip center economic units, with the parties also disagreeing on appropriate vacancy rates, capitalization rates, and other valuation factors that significantly impacted the property’s assessed value. After extensive review of evidence and testimony from both parties’ expert appraisers, the Tribunal determined that Green Ridge Square is a power ...