In Michigan, the definition of true cash value is: “…the usual selling price at the place where the property to which the term is applied shall be at the time of the assessment, being the price which could be obtained therefore at private sale, and not at forced or auction sale. Any sale or other disposition by the state or any agency or political subdivision thereof heretofore or hereafter made of lands acquired for delinquent taxes or any appraisal made in connection therewith shall not be considered as controlling evidence of true cash value for assessment purposes. In determining the value the assessor shall also consider the advantages and disadvantages of location, quality of soil, zoning, existing use, and present economic income of structures, quality and value of standing timber, water power and privileges, mines, minerals, quarries or other valuable deposits known to be therein and their value.”