Walmart’s ‘Dark Store’ Theory Wins Over Michigan Appeals Court

Walmart convinced the Michigan Court of Appeals that the true cash value of its Madison Township store is $5 million for tax year 2021 because the property should be valued as if vacant and available.

The store should be valued based on how it would be sold, which is as an empty building, the court said Monday in an unsigned, unpublished opinion. The township’s expert determined a higher property valuation, but admitted during cross examination that he didn’t value the store as if empty, in contrast to the comparable properties he referenced in his valuation approach, the court said.

The holding validates what’s known as ...