“The state Legislature is now requiring all Michigan districts to reassess their bond levies beginning October, 2014 to determine if the required annual payments add up to enough to pay off the debt. If not, they must come up with a payment plan that guarantees that will happen.” Taxpayers could be paying HIGHER property taxes come this fall thanks to the Legislature’s Public Act 437 that was passed during the hectic lame duck session in December 2012. This provision requires schools to annually reassess their bond levies to ensure they are repaid by a final mandatory repayment date. If it is determined they will not be paid off by that final deadline, then districts must increase the millage to capture sufficient dollars to satisfy the debt. In districts such as Brandon Schools, taxpayers could see their property taxes increase by as much as $475 in 2015 due partly because housing values did not keep pace with projections. #MichEd Oakland Press: bit.ly/1mIrBhb Public Act 437 of 2012: 1.usa.gov/1nwn8m2
Posted on: Thu, 24 Jul 2014 15:26:16 +0000
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