State of Michigan, Michigan Tax Tribunal, MTT Docket No. 14539, "The appraiser testified that he followed the guidelines promulgated by the Appraisal Foundation and the ASA, including the ASA's Code of Ethics. He further testified, and his basic appraisal report reflects, that he valued the property as of the relevant tax days; that he employed a proper definition of true cash value/fair market value...;and that he considered each of the three (3) traditional approaches to value, explaining in the report why he did not use the income approach; and that he placed reliance upon the cost approach only when suitable markets or market activity for a particular asset or groups of assets were not found." On Page 31: "In contrast to Petitioner's evidence, which was not sufficiently persuasive, stands the valuation evidence and supporting testimony presented on the city's behalf by appraiser, Michael Clarkson. As argued on the city's behalf, Clarkson's appraisal considered each of the three (3) traditional approaches to value and is, indeed, the only credible and reliable evidence presented at hearing from which a satisfactory determination of personal property value may be made." On page 32: "The only evidence of persuasive force that was presented in regard to the value of the leased telephone system was that of appraiser Clarkson. His valuation method was far superior to that advanced by Kaye on behalf of Maccabees."