Just received news (not good news) from Lansing that the proposed moratorium on the pop up tax is not likely to come to be this year. We were looking at it as a short term stimulus for the housing market and were optimistic that it would have helped to motivate home buyers over the coming 18 months. We’ve long felt that a bigger fix is needed for our property tax legislation, but we were at least happy for the bandage that the moratorium would have supplied in the short term. Obviously the State’s budget crisis will not allow for a loss of $90 million in revenue that this time, but the housing market could use a bit of assistance too.
[tags]michigan real estate taxes, michigan pop up tax, michigan property tax, michigan property tax moratorium, proposal a, headlee amendment[/tags]