Tax Talk 101
An introduction to property taxes in Michigan with a discussion of the language that assessors speak and why it is important to understand.

Topics include:
- Taxable value                - True cash value                  - Assessed value
- "Uncapping"                  - State equalized value         - Exemptions

Personal Property Tax: What is it and why is it important?
Increasingly, local governments are looking to collect personal property taxes, and as a result, personal property audits of businesses are becoming more common.

Topics include:
- Methods local governments have utilized for personal property tax collection.
- Impact on creditors, buyers, and business owners.

Property transfers: Joint Tenancies and the Uncapping Rules
Last year, the Michigan Supreme Court and State Tax Commission provided new guidance on the "joint tenancy" exception to the uncapping rules for property transfers.

Topics include:
- How will joint tenancies be treated going forward?
- What planning opportunities exist for families with "legacy" properties
- How can we expect local assessors and the Tax Tribunal to address these issues in the future?

Planning Opportunities and Pitfalls
Recent court rulings pertaining to the "joint tenancy" exemption to the uncapping rules offer some significant opportunities for property tax savings. However, joint ownership of real estate results in several unintended consequences, which can be addressed through careful planning.

Topics include:
- Control of the property                                       - Creditor claims
- Divorce of a joint owner                                      - Other tax considerations
- Obligations for payment of taxes and upkeep