Pung v. Isabella County · ¶73
The Pungs did not receive fair market value. In this case, the fair-market-value analysis is straightforward because the County itself already assessed the property’s fair market value. The County assessed the fair market value of the Pungs’ property at $194,400. “The principles governing the ascertainment of value for the purposes of taxation,” this Court has explained, are the “same as those that control in condemnation cases, confiscation cases and generally in controversies involving the ascertainment of just compensation.” Great Northern R. Co. v. Weeks, 297 U. S. 135, 139 (1936). Therefore, because the County “has already calculated the amount of just compensation in this case, when it [assessed] the [Pungs] the fair market value of the [home],” it “cannot now disavow that valuation” by asserting a lower value when it benefits the County. Horne v. Department of Agriculture, 576 U.…Read in context ›
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