MI HB5866

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

Mandates tribunal analysis of market conditions, supply and demand, highest and best use (including physical possibility, legal permissibility, and financial feasibility), replacement/reproduction costs, and comparable properties in the relevant market.

Requires detailed examination of comparable properties including verification of private restrictions, covenants, sale terms, financing methods, and market information, with specific exclusions for properties with substantially impaired highest and best use.

Mandates tribunal use, weighing, and reconciliation of all valuation methods including comparable sales, capitalization of income, and cost less depreciation, with prohibition on disregarding any method without reasonable justification supported by substantial evidence.

Requires all tribunal determinations to comply with generally accepted appraisal principles including the Uniform Standards of Professional Appraisal Practice and become effective only upon enactment of HB 5867 and HB 5868.