From the Chair — Jennifer Remondino
Recently, the Michigan Supreme Court, in Resort Properties Co-Operative v. Township of Waterloo, clarified when transfers of ownership of an entity results in an uncapping of the taxable value of real property owned by the entity. It held that transferring more than 50% of the ownership interest is a "transfer of ownership" for purposes of the uncapping rules, and that all transfers are considered for purposes of meeting the 50% threshold.
If you own property through an LLC or corporation, please contact your Warner Trusts and Estates attorney to determine how Resort Properties may affect you and whether planning options are available to avoid uncapping.
