Senate Democrats Fight to Lower Taxes for Communities Hit Hard By Foreclosure
Amendment Would Require Tax Collectors to Consider Foreclosure in Determining Property Values
LANSING, MI – March 26, 2010 – (RealEstateRama) — Michigan Senate Democrats continued to combat the negative impact of home foreclosure on Michigan families today with their effort to lower property taxes for homeowners in communities hit hard by foreclosure. The amendment to Senate Bill 395 would have required tax collectors to consider foreclosed homes in a neighborhood when determining property values and taxes. The amendment was defeated by the Republican Majority on a party line vote.
“As homeowners struggle to stay afloat in communities being racked by foreclosure, we should be helping them in any way we can, including lowering their property taxes,” said Senate Democratic Floor Leader Buzz Thomas (D-Detroit). “These people are sticking it out as homes are boarded up around them, and we want to help them stay in their homes and rebuild their neighborhoods.”
Michigan has had one of the highest foreclosure rates in the nation over the last three years. As the foreclosure crisis continues to hit Michigan hard, Senate Democrats have been fighting to pass legislation to help keep people in their homes. They have proposed a moratorium on all home foreclosures, and helped pass a new state law that went into effect in July that freezes foreclosure proceedings for 90 days.
“People should not be taxed the same for a house in an area struggling with foreclosure as they would for one in a more vibrant and affluent area,” said Senator Tupac A. Hunter (D-Detroit). “This proposal would aid the people who are fighting to help their communities rebound, and we should be offering them legitimate relief on their taxes accordingly.”
“I have been working to help families protect their homes, and offering property tax relief to those who are in communities struggling with foreclosure is another way to do that,” said Senator Glenn S. Anderson (D-Westland). “We should be taking foreclosed properties into consideration when assessing the value of neighboring property.”
Contact:
Alex Rossman
517-373-6091
