MI HB4397

Amends the Tax Tribunal Act to add definitions for "entire tribunal," "mediation," and "mediator" as neutral third parties certified by the tribunal.

Requires the tax tribunal to make independent determinations and state detailed findings of fact and conclusions of law in assessment disputes involving the true cash value of real or personal property.

Mandates the tribunal analyze property valuation in a specific sequence: market conditions and demand, highest and best use (considering physical possibility, legal permissibility, and financial feasibility), replacement/reproduction costs, and comparable properties.

Establishes detailed standards for selecting comparable properties, including verification of information, exclusion of properties with substantially impaired uses, and specific requirements for considering vacant properties and those with private restrictions.

Requires the tribunal to use, weigh, and reconcile three valuation methods (comparable sales, capitalization of income, and cost less depreciation) in accordance with generally accepted appraisal principles and the Uniform Standards of Professional Appraisal Practice.