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.
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Residential Real Estate Updates, Tax Law Updates, Wills, Trusts, & Estate Planning Updates
State, 6th Circuit, Michigan |
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.
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