Michigan has 13th highest property taxes in nation
The Headlee Amendment restricts growth in the taxable value of an individual parcel, while Proposal A requires rate reductions when the local housing market grows substantially. Proposal A limited growth on the taxable value of individual parcels to the lesser of inflation or 5%, and it reset taxable value of a property when itâs sold or transferred, which is equal to half of the propertyâs cash value. More than a decade later, some communities havenât seen property tax revenue return to 2008 levels, even though real estate values have recovered. For this reason, Michigan gov...