I wrote an article discussing the recent amendments to the Michigan property tax statute and expanded planning opportunities for family property succession. Here is a link to the article on the Kuhn Rogers website. The article in full is as follows:
Whether your family property is a rustic camp in the U.P., a cozy cottage on Little Glen, a hunting cabin in Eastern Lower Michigan, or a house in Traverse City – to your family, your property likely has a “family meaning value” far in excess of its fair market value.
A consideration when planning to keep property in your family for generations is its annual carrying cost, a major component of which is the annual property taxes. The longer you’ve owned your property, the greater the likelihood that without careful planning your property taxes could uncap (increase significantly) for future generations of owners. The unfortunate result can be a forced sale by your children or grandchildren who can’t afford the carrying costs.