LANSING, MI – March 13, 2009 – (RealEstateRama) — A constitutional amendment to help homeowners facing property tax increases that are out of step with their home’s actual value was approved Thursday by the Senate Finance Committee, said sponsor Sen. John Pappageorge, R-Troy.
“Common sense says your property taxes shouldn’t go up if the value of your home decreased,” Pappageorge said. “My resolution will help homeowners by stopping this unintended consequence of Proposal A.”
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, Pappageorge’s resolution would allow for the taxable value to decrease with the lower assessment.
The average drop in home values in the 13th Senate District was 11.3 percent. Other nearby communities saw an almost 22 percent decrease in property assessments last year.
“Property taxes should be more in line with home values – plain and simple,” Pappageorge said. “I’m proud to sponsor this resolution and I look forward to it becoming law.”
If implemented, Pappageorge’s resolution would help homeowners across the state.
SJR H now goes before the full Senate for further consideration.