Here’s More INcentive
Ok, so I had to dust off the RSS feed aggregator…I can’t believe I missed this article! According to a March 13th, 2007 Detroit News article the folks in Lansing do recognize a problem with Proposal A in a declining market!
What the article highlights is a proposal to suspend the “pop-up” tax that typically occurs in Michigan when a property transfers ownership. The proposal is to delay the pop-up by 18 months
While I am happy to hear my former colleagues in Lansing are addressing the issue, do you think they might want to speed up that legislation? Really, how does suppressing the pop-up tax on a home purchased between March and September of 2008 help us sooner rather than later? Not that I belive average sales prices are going to climb all of a sudden, but the likelihood of higher mortgage interest rates and stingier lending qualifications is only going to increase over time.
So, please, Lansing, pull the trigger on this proposal, put it into bill form and fast track that bugger through committee and both houses! Let’s make this an effective incentive while the rates are still good and inventory is still through the roof!