May 2017

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

Underutilized Tax Exemption for Eligible Developer Property

tax exemptionBy John McNew, Giarmarco, Mullins & Horton PC

During the depths of the housing crisis, the Michigan Legislature passed Public Act 494 of 2012 to assist home builders holding excess inventories of “development property” (a term defined in the PA 494) in various states of construction. PA 494 was phased in over a one-year period. Beginning December 31, 2013, eligible development property is exempt from taxes levied by the local school district for school operating purposes to the same extent provided a principal residence for either (a) three years, or (b) until the property is no longer eligible development property. See the General Property Tax Act—Act 206 of 1893.

Read More or Comment

May 31 or July 31? Avoiding a Tax Appeal Trap

CLABy David E. Nykanen, Friedlander Nykanen & Rogowski PLC

In Michigan, property taxpayers can challenge the amount of taxes assessed against a property by disputing the assessed value of the property and alleging that the assessed value exceeds fifty percent of the property’s true cash value, which is synonymous with market value. Although the volume of assessment appeals has significantly decreased from the historic high levels of 2009-2011 during the Great Recession, there are still many circumstances where an appeal of a property’s assessment may be advisable. Those circumstances may include, but are not limited to, a recent purchase of the property for a price far below the assessed value or recent construction on the property.

Read More or Comment

Join a Committee!

Take the opportunity to get involved by writing for one of our publications, presenting at a conference or seminar, or joining one of the committees that cover virtually every area in real estate law. See our committees and how you can join or see the committees you're already subscribed to.

Note to Committee Members:
Communication settings for RPLS Special Committee members have been changed to "Daily Digest." This means when a message is posted on your Committee page, you will receive the message the day it is posted.


  Find Us on Facebook   Join Us on LinkedIn   Find Us on Twitter

Sign Up Today!

September 28, 2017
Copyright Society of the USA

Street Art and Property Rights
2-3:30 p.m.
Cobo Hall
Register
State Bar of Michigan and CSUSA Members: No Charge

October 11-12, 2017
Real Property Law Academy I

JW Marriott, Grand Rapids
Register online or by mail form
Discounts are available for firms

October 19
Groundbreaker
Developments in Construction Law
Breakfast:7:30–8:00 a.m. | Roundtables: 8:30–9:30 a.m.
Townsend Hotel, 100 Townsend St, Birmingham
Register: online or by mail form

Pro Bono Attorneys Needed for Midland Flood Victims:
Attorneys can volunteer as little or as much time as they would like. Attorney volunteers can provide services remotely and many issues will be related to property damage. To volunteer, please contact Amy Krieg, ABA YLD District Representative for Michigan and Chair of the SBM YLS Disaster Legal Services Committee, michigandisasterlegalservices@gmail.com.

Write an Article

Interested in writing an article for the e-Newsletter? Contact co-editors Glen Zatz gzatz@bodmanlaw.com, Howard Lax HLax@bodmanlaw.com, or Pat Paruch pat.paruch50@gmail.com.

Can't remember where you saw that e-Newsletter article? Check the e-Newsletter article index.



The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.