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This should make cottage owners happy

Uncapped SEV's and re-assessed property taxes on real estate transfers within families have created a tough situation for those looking to pass on residential property upon a family member's passing, most often family cottages along Lake Michigan.

A lot of the time, families will have to sell a property upon the death of the parent because the tax implications are just too burdensome, thus ripping away a valuable family heirloom.  Thanks to Public Act 497 of 2012, families now have the option of transferring residential property without uncapping property taxes.  The new law is limited to first-of-kin relationships and applies to residential property only.  There are some questions about how to ensure the property qualifies for remaining uncapped, since it is all very new.

 

 

 

 

 

 

 

 

 

Published Friday, January 24, 2014 2:38 PM by Kersh | Lauri | Jillyn | Michigan Homes and Cottag

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# re: This should make cottage owners happy

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