Property taxes collected will decline… and seriously
I support lowering property taxes, but I realize they will never go away. Some fears of a resurgence in millage requests may be realized soon however, as school districts re-organize internal funding to allow greater requests legally.
Michigan continues to lose residents, and property values continue to fall under the current administration. Add to this, added incentive to leave by the new taxes levied on it’s citizens, Michigan faces a property tax crisis unheard of.
As the property values fall, residents who remain, will seek reductions in valuation and increased numbers will reach the tribunals for mediation. Because the government arbitrators CANNOT in good faith decline these requests, expect a decline in overall valuation of 15-20% (my own estimate) in the taxes collected. Roughly $11,000,000,000.00 in state and local revenues could be reduced by $2,000,000,000.00 in the next two years annually.
This is more than the shortfall the CURRENT fix was supposed to make up for.. So what will be added to the tax rolls NEXT when they figure this out in Lansing?