Michigan’s law on assessing real property for property tax purposes continues to evolve. In October 2014, Governor Snyder signed PA 310, which gives property owners an additional option for transferring family vacation property to close relatives without “uncapping” the value for property tax purposes. That means exempt family members won’t face increased property taxes when they take ownership of the property.
For property transfers after December 31, 2014, exempt transfers include those from and to:
The new law means that property owners now have three ways to avoid uncapping on a transfer of ownership:
For more information about PA 310, see the website of attorney and Nolo author David S. Fry.