Cottage Law
Posts Tagged “Transfer Of Ownership”
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Avoiding an Uncapping of Property Taxes: Klooster v. City of Charlevoix
January 24, 2012A common concern among Michigan homeowners is the dreaded “uncapping” of real estate taxes. But the rules in this regard are somewhat confusing. In general, for as long as someone owns a parcel of real estate, the “taxable” value of that property remains “capped” and increases only incrementally from year to year. However, when property is conveyed to another party, a “transfer of ownership“ usually occurs and the property taxes are uncapped.
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