Lt. Governor, lawmakers offer plan to reform personal property tax

LANSING, MI – November 28, 2012 – (RealEstateRama) — A plan to keep Michigan’s economy driving forward by reforming the burdensome personal property tax was outlined today by Lt. Gov. Brian Calley, Senate Majority Leader Randy Richardville and House Speaker Jase Bolger. The proposal recognizes the vital role that strong communities and schools play in Michigan’s future by providing reimbursement rates to most local units of 100 percent for police, fire and ambulance revenue losses and a minimum of 80 percent for everything else. It also holds the School Aid Fund harmless and fully covers school debt.