The Michigan Supreme Court this afternoon issued a short (two page) Order that reversed the Court of Appeals opinion in Residential Funding Co. v Saurman, which I discussed previously. The Saurman opinion in the Court of Appeals had ruled that Mortgage Electronic Registration Systems, Inc. (“MERS”) could not foreclose by advertisement in the State of [...]
The Michigan State Tax Commission has, by way of Bulletin 14 of 2011, issued notification of the 2012 inflation rate multiplier, to be used for calculating 2012 taxable values. The multiplier is 1.027, or a 2.7% increase. Therefore, pursuant to Michigan statute enacting Proposal A of 1994, the 2012 taxable value for your property, absent [...]
In Michigan, there are three general types of deeds that are used in real estate transactions: quit claim, covenant, and warranty. Each of these deeds has a different legal impact. Sellers and buyers of real estate should fully understand the impact of the deed they are asked to sign, or accept. The deed with the [...]
There are two general types of leases that you may encounter when leasing commercial property. One type of lease is generally referred to as a gross lease. The other type is generally referred to as a net lease. When the phrase “gross lease” is used, that phrase generally refers to a lease in which the [...]
The deadline to file a Petition challenging the assessment for properties classified as residential or agricultural is July 31. In order to file a Petition before the Michigan Tax Tribunal for these properties, an owner must have appeared at the March Board of Review to challenge the property’s assessment. (In some communities, additional appearances may [...]
In a significant ruling, a divided panel of the Michigan Court of Appeals recently ruled that Mortgage Electronic Registration Systems, Inc (“MERS”) is not statutorily permitted to foreclose a mortgage by advertisement. MERS was a corporation created by several large mortgage lenders to ease the assignment of loans in the residential marketplace. Rather than record [...]
The Michigan Court of Appeals recently ruled that it is the municipality’s legislative body, and not the County Treasurer, who has the final say as to whether a proposed purchase of tax foreclosed property is for a “public purpose,” as required under Michigan’s General Property Tax Act. In Bay City v. Bay County Treasurer, a [...]
In a unanimous decision, a panel of the Michigan Court of Appeals ruled that a municipality is barred from uncapping the taxable value of a property in future years, so long as the transferee properly filed a Property Transfer Affidavit in the year of transfer. In Michigan Properties, LLC v Meridian Township, the Michigan Court [...]
In a recent opinion, the Michigan Supreme Court clarified some instances where the death of a joint tenant, or the creation or termination of a joint tenancy may lead to an uncapping of the property’s taxable value. In Michigan, a property’s tax bill is calculated by multiplying the applicable millage rate by the property’s taxable [...]
The time has once again arrived to focus on cost reductions achievable by appealing your property taxes. You have recently received your 2011 Notice of Assessment. As discussed below, there is a very limited window of opportunity to protest your property tax assessment. To understand the importance of that Notice of Assessment, a bit of [...]
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