The subject of property taxes on Michigan real estate, particularly vacation property, has received a great deal of attention lately. Because of recent changes in the property tax system in Michigan, it is now possible to transfer ownership of … [Read more...]
CLIENTS–NEW PROPOSED LEGISLATION ON UNCAPPING-ACTION NEEDED!
Cottage Law Clients and Friends: Many of you have contacted me in the past and expressed interest in any new or potentially new legislation in Michigan regarding “uncapping” of property values for property tax purposes. As many of you know, the law … [Read more...]
PUBLIC ACT 497 NOW EFFECTIVE!
Public Act (PA) 497 was passed and signed by Governor Snyder in December, 2012, and created an exemption from “uncapping” of property values for property tax purposes on transfers of ownership of residential property (including vacation property) if … [Read more...]
UPDATE ON PUBLIC ACT 497 OF 2012-UNCAPPING TRANSFERS OF PROPERTY
On December 16, 2013, the Michigan State Tax Commission issued Bulletin 23 which deals with transfers of ownership of real property and the impact on taxes assessed on transferred property. The State Tax Commission is a 3 member agency appointed by … [Read more...]
Public Act 497 of 2012 – Transfer of Ownership Update on Real Property Taxes in Michigan
On December 28, 2012, Michigan Governor Richard Snyder signed new legislation which will have a significant impact on the way Michigan residential property (including vacation property) is assessed for property taxes [Public Act (“P.A.”) 497]. This … [Read more...]
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