Archive for the ‘Uncapping Property Taxes’ Category
Cottage Law and Using Gifting to Avoid Estate and Gift Taxes
October 25th, 2011
| Author: Dan A. Penning
Going, Going, Gone!
Tax-free transfers – gifting – of the family cottage to future generations via a cottage succession plan is a great opportunity for cottage owners to enjoy considerable tax savings while real estate values are suppressed.
Posted in Cottage Law, Cottage Law Attorney, Cottage Succession Planning, Cottage-Law.com, CottagePlanning, Uncapping Property Taxes
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Tags: "1932 gift tax", "annual exclusion", "estate taxes", "gift assets", "gift tax exceptions", "gift tax", "gifting", "overall gift tax exemption", "tax-free transfers of assets", "tax-free transfers", Cottage Law, cottage operating agreement, cottage succession plan, Family Cottage, klooster, legacy assets, uncapping
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Protect the Family Cottage Common Questions About Types of Ownership Forms
May 26th, 2011
| Author: Dan A. Penning
Most people would think “economic value” is the most important factor to protect the family cottage. Common “emotional value” has proven time and time again as the most important motivation behind developing a cottage succession plan to protect the family cottage.
Posted in Cottage Entity Laws, Cottage Law, Cottage Real Estate Laws, Cottage Succession Planning, Entity Laws, Family Cottage, Limited Liability Company, Uncapping Property Taxes
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Tags: Cottage Law, Cottage Succession Planning, different types of ownership, michigan cottage law, protect the family cottage, protectthefamilycottage, saving the family cottage
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Real Estate Taxes and Joint Ownership of Michigan Real Property and Cottages
May 9th, 2011
| Author: Dan A. Penning
The Practical Effect of Michigan Supreme Court’s Decision in the case of Klooster v City of Charlevoix
Posted in Cottage Law, Cottage Real Estate Laws, Cottage Succession Planning, Uncapping Property Taxes
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Tags: actual property value, joint ownership, joint ownership with rights of survivorship, joint tenancies, klooster v city of charlevoix, michigan property tax system, michigan supreme court decision, original owner, property taxes, state equalized valuation, taxable value, transfer of ownership, uncapping occurrence
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Keeping the Family Cottage – Cottage Succession Planning and Forms of Ownership
March 29th, 2011
| Author: Dan A. Penning
They say, “beauty is in the eye of the beholder.” That’s especially true when applied to the family cottage. Whether the family cottage is a small rustic cabin on a pristine lake or stream, a luxurious retirement home on one of the Great Lakes or ocean shore, or a family retreat in some stunning mountain region, it’s not “economic value” that is the most important factor in keeping the family cottage, it’s the “emotional value.”
Posted in Cottage Entity Laws, Cottage Law, Cottage Law Attorney, Cottage Succession Planning, Direct Ownership, Entity Laws, Family Cottage, Indirect Ownership, Limited Liability Company, Tenants in Common, Uncapping Property Taxes
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Tags: Cottage Law, cottage succession plan, creditor protection, direct transfers of ownership, divorce, entity, Family Cottage, family limited partnerships, flp, gift of the family cottage, great lakes, joint tenants with rights of survivorship, life estate, lifetime trust, Limited Liability Company, llc, luxurious retirement home, michigan, northern michigan, operation and maintenance of the family cottage, outright transfers of ownership, qprt, qualified personal residence trust, revocable living trust, rustic cabin, Tenants in Common, transfers of deed
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TAX ALERT – Michigan Governor Snyder Releases 2011 Executive Budget Proposal Which Could Affect Family Cottages
February 18th, 2011
| Author: Dan A. Penning
Budget Proposal Includes Anticipated Proposals to Change Both Tax and Spending Policies
Posted in Cottage Law, Cottage Real Estate Laws, Cottage-Law.com, Uncapping Property Taxes
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Tags: change spending policies, change tax policies, Cottage Law, family cottages, governor rick snyder, michigan 2011 executive budget proposal, michigan governor rick snyder, michigan property taxes
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Uncapping of Property Taxes Makes it to Michigan Supreme Court
March 30th, 2010
| Author: Dan A. Penning
The Michigan General Property Tax Act (the Act) requires real property in Michigan be assessed yearly and taxed at one-half (1/2) of its true cash value (true cash value is the same as market value). However, with the passage of the Headlee Amendment to the Michigan Constitution in 1994, limitations were placed on how much assessments and taxes could go up each year. Since 1994-1995, annual property tax increases have been “capped” at levels specified in the Act and remain capped until a “transfer of ownership” occurs. Once a transfer of ownership occurs, the property is reassessed at one-half (1/2) of the “true cash value” as of that date and the taxes, in most cases, go up substantially. The property tax is capped at the new, higher amount until the next transfer of ownership takes place (Michigan property tax bills show a “Taxable Value” and a “State Equalized Value.” The Taxable Value is the capped value upon which the property tax is assessed. The State Equalized Value approximates one-half (1/2) of the true cash value/market value of the property. Once the property tax is uncapped, the State Equalized Value and the Taxable Value become the same for the year in which the uncapping occurred and the cap goes back into effect at that amount).
Posted in Cottage Law, Cottage Law Attorney, Cottage Real Estate Laws, Direct Ownership, Family Cottage, Tenants in Common, Uncapping Property Taxes
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Tags: annual property tax increase, assessor, charlevoix, conveyance, Cottage Law, Cottage Succession Planning, headlee amendment, joint tenant, klooster, local board of review, lower tax revenues, michigan court of appeals, michigan general property tax act, michigan tax tribunal, new taxable value, real property, tenants by the entirety, terminate a joint tenancy, transfer of ownership, uncapping property values, vested sole ownership
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