2009 Senate Bill 370: Revise real estate seller disclosure statement

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Introduced by Sen. Gerald Van Woerkom (R) on March 12, 2009, to revise the real estate seller disclosure statement required in residential real estate transactions, to require the person who prepares the closing statement, the “Realtors” (sic), the buyer, and in some cases the seller, to sign off separately on a statement that describes how the buyer’s property taxes may be very different from the seller’s due to the Proposal A taxable value “pop-up.” The “pop-up” 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 Commerce & Tourism Committee on March 12, 2009.

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1) Re: 2009 Senate Bill 370 (Revise real estate seller disclosure statement ) by rockinroller on October 23, 2009

I am amazed at the continual intent by consumers to "pass the buck" for poor decisions they've made--especially with regard to real estate. It doesn't take a rocket scientist (or experience with Michigan real estate in particular) to know that property taxes are based upon VALUE. They are not (at least, ideally) predicated upon some distant factor unrelated to value. Did you blame the cashier when you checked out with your $1000 LCD TV at Sams Club that you were also charged 6% sales tax? Seems to me you should have the common sense to know that the current property tax amount would adjust upon the resale of the property and a revision in the market value (which of course would trickle down to the State Equalized Value and Taxable Value) and that the dollar amount would certainly change upon the recording of a new transaction and consequential sales price and that the new price would somehow have a bearing on adjusting the property tax amount.

You should consider yourself fortunate that you enjoyed whatever "depressed" property tax amount was in place when you purchased the property, at least for the balance of that tax year.

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2) Re: 2009 Senate Bill 370 (Revise real estate seller disclosure statement ) by albaby2 on March 18, 2009

Excellent idea. It will give the buyers an appreciation of how well homes are holding their value in Michigan and what a great deal they got. Sarcasm mode off.

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3) Re: 2009 Senate Bill 370 (Revise real estate seller disclosure statement ) by cookiemaker54 on March 17, 2009
I hope this Bill passes. Imagine the shock my husband and I got when, after moving to Michigan from Indiana, we purchased a house in Michigan. The next year our mortgage payment went up over $300 per month due to the increase in property tax. This is a shameless bit of deceit on the part of the entire real estate industry in Michigan and needs to be corrected.
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