June 2019

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

Neighborhood Enterprise Zone Residential Tax Exemptions

Renovations

By Glen Zatz, Bodman PLC

The Neighborhood Enterprise Zone (“NEZ”) Act, PA 147 of 1992, provides property tax exemptions for the development and rehabilitation of residential housing located within eligible distressed communities. The City of Detroit created fifty-two NEZ homestead districts between 2006 and 2008. The fifteen-year abatements in these districts (with an average $400 tax savings in 2018) are set to phase out in the next few years. The City recently announced that residents may apply for new certificates and is sending out letters describing the program to 2,800 residents with expiring certificates and to 1,842 eligible homeowners in NEZ homestead districts who have not yet applied for a certificate.

Read More or Comment

Qualified Opportunity Zone Updates

Downtown Detroit

By Scott Kocienski, Dykema Gossett PLLC

On April 17, 2019, the U.S. Department of Treasury and the IRS issued the long-awaited second tranche of proposed regulations relating to investments in Qualified Opportunity Zones (“QOZ”) and Qualified Opportunity Funds (“QOF”). The proposed regulations are intended to address a number of questions left unanswered following the issuance of the initial proposed regulations in October 2018, which kept many investors, developers and fund managers on the sidelines.

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Legislative Report

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Write an Article

Interested in writing an article for the e-Newsletter? Contact co-editors Samuel Kilberg at SKilberg@dykema.com or Glen Zatz at gzatz@bodmanlaw.com.

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

We are also looking for suggested authors and topics for the Michigan Real Property Review. Please contact Chair-Elect, Jason Long at Jlong@wwrplaw.com for suggested topics and ideas.



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.