The Michigan Tax Tribunal must reconsider its determination that a senior care retirement center’s cash value was over $29.5 million and take into account the rental restrictions on the property, the state appeals court ruled.
“The rental restrictions in this case are an intangible factor that would affect the property’s ‘usual selling price’ such that they should be considered in the property’s true cash value assessment,” Michigan Court of Appeals Judge
The Rivers Grosse Pointe, an assisted living facility in Grosse Pointe Woods, Mich., received tax-exempt financing in exchange for certain restrictions, ...