MI HB5578

Amends the Tax Tribunal Act to add definitions for "mediation," "mediator," "entire tribunal," and clarifies that "property tax laws" excludes the drain code of 1956.

Requires the tax tribunal to make independent determinations and separately state findings of fact and conclusions of law in assessment disputes involving real or personal property valuation, following a specific hierarchical order.

Mandates the tribunal to determine: the relevant market and property viability; the highest and best use based on physical possibility, legal permissibility, and financial feasibility; replacement/reproduction construction costs; and comparable properties with the same highest and best use.

Establishes strict criteria for comparable properties, including verified information, same use classification, similar economic conditions, and exclusions for vacant properties or those with private restrictions that impair highest and best use.

Requires the tribunal to use, weigh, and reconcile all three valuation methods (comparable sales, capitalization of income, and cost less depreciation) with reasonable justification for excluding any method, and to base all determinations on generally accepted appraisal principles.