Taxation-New Uncapping Rules–UPDATE

On December 31 of 2013, MCL 211.27a(7)(s) took effect. ┬áThe purpose of the new law was to permit the inter-family transfer of residential property while preserving the current “cap” on the taxable value of the family property . ┬áThe Act envisioned that cottages, vacations homes, residences, recreational property all could be transferred within the family…