March 23, 2009 – (RealEstateRama) — Michigan homeowners are in desperate need of relief. That’s why recently the Michigan Senate overwhelmingly passed a resolution designed to help homeowners with rising property taxes and declining home value.
Senate Joint Resolution H would amend the Michigan Constitution to prevent an individual’s residential property taxes from increasing from the previous year if the assessed value of their home decreased during the same period.
If a homeowner’s property tax assessment actually fell below the taxable value of their home, the resolution would allow for the taxable value to decrease reflecting the lower assessment.
If signed into law and adopted by voters in 2010, the resolution would help homeowners throughout the state.
With property values across Michigan falling, this measure is absolutely essential. No one should have to pay more for something that is declining in value – it’s just not fair.
Taking matters a step further, I recently introduced legislation to extend the notice time for property tax assessments from 10 to 30 days.
Last month I held a series of property tax forums and the message from residents was clear – people need more time to weigh an appeal. My legislation would provide a more sufficient period for homeowners to think about filing an appeal and gather proper information.
On behalf of Michigan homeowners, I will continue to unveil additional property tax reforms.
SJR H now goes to the House of Representatives for consideration, while Senate Bills 373 and 395 were referred to the Senate Committee on Local, Urban and State Affairs.