A group of bipartisan Michigan legislators are hoping to shut down a property valuation theory that local governments claim allows big box stores to unjustly slash their property tax bills.

Within a week of the Michigan legislative session kicking off, legislators filed four bills (H.B. 4025, H.B. 4047, S.B. 26 and S.B. 39) aimed at curtailing or eliminating the “dark store” theory of property valuation, pushed by big box retailers like Walmart Inc. and Target Corp....