Well, call me shocked!  I didn't think the folks from my former life would catch on that quickly.  I am pleased to point out that the Michigan Legislation has found it in themselves to address the heinous, nearly uncovered, downside to Proposal A from 1994.  Any property purchased from March 1st, 2007 to September 30th, 2008, the proposal states, will be exempt from the pop-up tax for 18 months.

For those just bumping into the fray, Prop A capped homeowner's property tax until a transfer of property occured, i.e. a property sold.  When the property sold, the taxable value is uncapped and readjusted to less than half of the purchase price of the property.  Year over year, the value only increase by the lesser of the Consumer Price Index or 5%.

The House Bills to track through the legislature are HB 4441 and HB 4440.  You can follow their progress here, care of the State of Michigan's legislative website. 

For more coverage and opinion, stop by SE Michigan Real Estate.