No. By state law, Assessed Value is not half its purchase price but instead half of its market value. Section 211.27(6) of Michigan Complied Law states:
The purchase price paid in a transfer of property is not the presumptive true cash value of the property transferred. In determining the true cash value of transferred property, an assessing officer shall assess that property using the same valuation method used to value all other property of that same classification in the assessing jurisdiction.