On March 10, 2011, the Michigan Supreme Court issued a unanimous decision in Klooster v City of Charlevoix. The Court clarified the requirements of the joint tenancy exception to property tax uncapping. If carefully prepared in accordance with Klooster, a property transaction creating or terminating a joint tenancy will avoid property tax uncapping and, therefore, lock-in low property tax values and result in property tax savings. This is especially important for highly appreciated properties. Taxpayers should seek property tax advice from legal counsel knowledgeable with the Klooster decision before executing a deed creating or terminating a joint tenancy.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Published In: Residential Real Estate Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates
Reference Info:State, 6th Circuit, Michigan | United States
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Daniel Cherrin, North Coast Strategies | Attorney Advertising