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Committee receives resolution urging disclosure of potential tax increases tied to uncapping
Summary
Commissioner Baker McCormack presented a resolution requesting mandatory disclosure to prospective buyers that property taxes may rise after ownership transfer under Michigan's proposed uncapping rules; the committee received the item and will take action at its next meeting after additional information about tax abatements and community benefits is gathered.
The Ways and Means committee received a resolution by Commissioner Baker McCormack supporting mandatory disclosure that prospective buyers may face higher property taxes after a transfer of ownership if Michigan’s proposed uncapping provisions apply. Commissioners described the matter as part of a broader review of tax abatements and other economic-development tools.
Commissioner Baker McCormack said the committee will gather additional information about the revenue forgone for abatements and whether projects that receive abatements establish community benefits. "We will be looking at receiving additional information as it relates to tax abatements and making sure that when we forgo certain funds that we are clear about the amount of dollars that are not coming into our coffers," Baker McCormack said.
The committee agreed to receive the resolution for further consideration and scheduled action on the item at the next Ways and Means meeting. A motion to "pass for the day" was moved and supported and the committee recorded the motion as carried for now.
