Tagged: property taxes

State House Democrats spent “tax day” pushing a plan to repeal several state tax policies.
 

Lansing’s mayor has appointed a committee to take a hard look at the capital city’s financial health.

The committee is made up of some of Lansing’s top business and civic leaders.

Declining property taxes and state revenue sharing dollars combined with rising costs are squeezing Lansing’s finances.

Lansing Mayor Virg Bernero says the committee will come up with short-term and long-term proposals for dealing with the city’s financial problems.

Former mayor David Hollister will chair the committee.

Volunteers in Kent County are making a last minute push to get out the vote Tuesday. They’ll be knocking on doors and making phone calls running up to Tuesday’s election.

Voters will decide on a county-wide millage increase to renovate outdated buildings at Grand Rapids Community College.

The millage would pay for basic improvements to almost every building on campus.

A plan to roll back taxes...that some criticize, but others rely on...is expected to clear a major hurdle this week. A legislative committee is expected to wrap up hearings on the plan, and send it to the floor of the state Senate.

Maufacturers say there would be more hiring and investment in factories if not for Michigan’s unique tax on industrial equipment. The Senate plan would phase out the tax – starting next year -- by 2022.

But the Republican proposal would not replace all the revenue lost to local governments that rely on the tax as a source of funding for services. Communities with a big industrial presence would be hit the hardest.

They say with no guarantee that all the revenue will be replaced, they could be forced to cut services more than they have already, or increase other taxes to make up the difference.

How to get by with less is an issue all levels of government are facing.

The emergency manager in Pontiac, Michael Stampfler, is proposing a combination of tax hikes and service cuts to cure the city's budgetary ills as reported in the Oakland Press:

Stampfler took to the microphone this morning for an informational meeting about the updated financial plan that could mean property taxes being raised between 6 and 8 mills.

He requested the public and elected officials submit ideas in writing if they have alternatives to what is proposed.

Stampfler released an update of his financial plan, adding $15.05 million to the budget with a combination of cuts and possible tax hikes.

An 8 mill property tax increase would mean that a property owner whose house is assessed at $50,000 would pay $400 more a year in taxes.

This past spring, the assessed value of homes in Pontiac dropped by an average of 21.4 percent, resulting in $2.6 million in lost annual revenues for the city.