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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