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2007 House Joint Resolution B: Phase in property tax assessment "pop up”
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- Introduced by Rep. Martin Griffin (D) on January 22, 2007, to place before voters in the next general election a Constitutional amendment that would phase in over three years the Proposal A property tax assessment "pop up" when a particular property is sold. The “pop-up” is a provision of the 1994 Proposal A property tax assessment cap in which the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner. The taxable value is lower as long as the market value of the property has increased since the last ownership transfer. The resolution (and House Bill 4049) would impose one-third of the assessment hike each year for three years.
- Referred to the House Commerce Committee on January 22, 2007.
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1) and while your at it by Anonymous Citizen on January 24, 2007phase in the tax reduction when the house sells for less than someone paid for it 3 years ago. morons.
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Just another indication that they know Prop. A is VERY flawed and needs to be fixed. Nice bandaid. How much of the transfer tax is the State missing out on since housing sales are in the toilet? How much more do they want housing values in Michigan to fall due to property taxes? I won't sell for years because of this flawed law. Right now my taxes are $1900.00 less than my next door neighbor's with the same house since he bought 6 years after me. Nice system.
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Introduced in the House on January 22, 2007
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