CAF INVESTMENT CO. v. STATE TAX COMM'N

No. 6 January Term 1974, Docket No. 54,709.

392 Mich. 442 (1974)

221 N.W.2d 588

CAF INVESTMENT COMPANY v. STATE TAX COMMISSION

Supreme Court of Michigan.

Decided September 6, 1974.


Attorney(s) appearing for the Case

Honigman, Miller, Schwartz & Cohn (by Jerome M. Salle), for C.A.F. Investment Company.

Frank J. Kelley, Attorney General, Robert A. Derengoski, Solicitor General, and Richard R. Roesch, Assistant Attorney General, for State Tax Commission.


J.W. FITZGERALD, J.

At issue in this case is the property tax assessment upon 10.55 acres of land owned by taxpayer C.A.F. Investment Company and leased to the S.S. Kresge Company in 1963 for a 20-year term to be used for a K-Mart store. For purposes of 1971 ad valorem taxes, the assessor for Saginaw Township valued the property at $1,442,364 and fixed the assessment of $245,300. Property in the township at the time was valued at a percentage rate of 17.04%, resulting...

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