Finally, some possible good news. I first blogged on February 17th about the possibility that the Michigan Legislature would cap property taxes for the next 18 months on any transfer between March 2007 and September 2008. To be honest at that time I was skeptical that it would happen due to the impact on the taxes of the local units of government. Now, the House at least has passed a bill that would do just that. The Senate has yet to do so, but it will certainly provide for some good discussions and articles in the upcoming days. The article on the "beginning" is here.
If this happens not only will it allow the transfer, sale, and exchange of more property to occur in the market, but it may benefit some people who choose to use that time to modify their estate plan as well.
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