Beginning in 2013, Section 8 of PA 603, 2012 required the property valuation determined by the Commission is to be the greater of: a. The prior year value established by the commission (which cannot increase each year by more than the CPI as defined in the Constitution or 5%, whichever is less). b. The taxable value calculated under MCL 211.27a which is the lessor of the following: Prior year taxable value minus any losses, multiplied by the lessor of 1.05 or the inflation rate multiplier, plus any additions or the property’s state equalized value.