Echo
Bill would end tax spike when cottages are handed down
|
LANSING – A widely-supported bill that would prevent property tax increases for owners who transfer family-owned land has a high chance of becoming law before the end of the year, according to the sponsor, Rep. Peter Pettalia, R-Presque Isle.
Current law decrees that the taxable value of a home cannot increase from one year to the next by more than 5 percent or the increase in the consumer price index.