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- Introduced by Sen. Mark Jansen (R) on March 5, 2009, to grant an annual refundable income tax credit to a person who buys a principal residence between April 1, 2009 and the end of 2010, with the credit equal to the increase in property taxes paid by the previous owner and the amount paid by the new owner. The credit would last as long as the buyer owns and lives in the home, and would in effect eliminate the Proposal A “pop-up” for homes purchased during this period, which is where 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.
- Referred to the Senate Finance Committee on March 5, 2009.
- Reported in the Senate on March 19, 2009, with the recommendation that the substitute (S-1) be adopted and that the bill then pass.
- Substitute offered in the Senate on March 19, 2009, to replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described. The substitute passed by voice vote in the Senate on March 19, 2009.
- Substitute offered by Sen. Gretchen Whitmer (D) on March 19, 2009, to replace the previous version of the bill with one that grants a one-time home-purchase tax credit of $8,000. The substitute failed 16 to 20 in the Senate on March 19, 2009.
Who Voted "Yes" and Who Voted "No"
- Amendment offered by Sen. Mark Jansen (R) on March 19, 2009, to limit the income tax credit to 10 percent of the purchase price of the home or $10,000, whichever is less. The amendment passed 36 to 0 in the Senate on March 19, 2009.
Who Voted "Yes" and Who Voted "No"
- Referred to the Senate Finance Committee on March 5, 2009.
- Passed 36 to 0 in the Senate on March 19, 2009, to grant an annual refundable income tax credit to a person who buys a principal residence between April 1, 2009 the end of 2010, with the credit equal to 10 percent of the purchase price of the home or $10,000, whichever is less. The credit would last as long as the buyer owns and lives in the home.
Who Voted "Yes" and Who Voted "No" - Received in the House on March 19, 2009.
- Referred to the House Tax Policy Committee on March 19, 2009.
Most Recent Comments
1) Re: 2009 Senate Bill 346 (Repeal Proposal A “pop up” through 2010 ) by albaby2 on March 10, 2009Proposal A needs a rework. The home values (called Market Values) should be decided by the sales price of the individual home. Not all homes in an area are equal in value. Let the buyer and seller determine the value-not some arbitrary formula or survey of "similar" homes. That can be too subjective. As far as the CPI determining the inflation rate, What doers the cost of a gallon of gasoline or a pound of butter have to do with the value of a house. The "pop-up" is a phony arbitrary value that refelcts nothing. If we are going to keep indexing property values to the rate of inflation-they will never go down. The tax rate increase for this year included the price of gasoline which was around $4 per gallon when the calculation was made. What did that have to do with the price os an existing house. I can attest that the values determining these formulas are not representative of true value. I sold a house that was valued at $198000 for tax purposes for 175000 and then only after 17 months on the market and bought another for 163000 that is valued for tax purposes at 178000. I had a certified appraiser value it at 166000 at best. Lets get back to reality and quit giving automatic raises to our municipalities based on arbitrary formulas. Lets find a different way. If this results in more voting too adjust millage rates, we can handle that. I don't think many people are getting raises adjusted to the CPI to cover the increased taxes etc.
Also, submit legislation that would require assessors and realtors to declare the "pop-up" value of the taxes when the homes are advertised, not the present owners taxes.
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Introduced in the Senate on March 5, 2009
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