1.26.07

Effects of the Pop-up Tax Hearing

In a conversation today with Speaker Andy Dillon, MAR would like to inform you all that the Michigan House Commerce Committee will be holding a hearing this coming Wednesday, January 31, on the effects of the “Pop-up Tax” on Michigan’s real estate market.

As many of you know, MAR has worked over the past several years at examining various proposals aimed to give Michigan homebuyers relief from the uncapping of property taxes that occurs upon the transfer of an existing home. As late as last year Speaker Dillon released his own proposal that would have suspended the “Pop-up” for a period of 18months.

Under the direction of our Taxation Task Force and the Public Policy Committee, as well as our Board of Directors, we are presently opposed to a temporary moratorium because of the long term economic concerns of drastically declining home sales following the 18 month window. Nonetheless, we are closely working with the Speaker’s office on this and other solutions to potential inequities and disincentives that arise from this tax.

Please be aware that the Detroit Free Press may also run a story this weekend regarding the “Pop-up.”

Details to follow.

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