Urgent Call to Action: Stand Against the Proposed Increase in Michigan's Real Estate Transfer Tax

Dated: February 13 2024

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Urgent Call to Action: Stand Against the Proposed Increase in Michigan's Real Estate Transfer Tax

Dear Community and Esteemed Clients,

Today, we stand at a pivotal moment where the very essence of homeownership and real estate investment in Michigan faces a new challenge. The Michigan State Housing Development Authority (MSHDA) is considering a proposal that directly impacts us all—an increase in the state portion of the real estate transfer tax. This move aims to generate approximately $50 million annually to fund the development and rehabilitation of housing for certain income levels.

While the intention behind this proposal—to support housing initiatives—is understandable, the means through which it seeks to achieve this goal warrants a closer examination and our collective concern. The proposed increase in the real estate transfer tax could have far-reaching implications, making it more costly for buyers and sellers to transact real estate in Michigan. This could potentially dampen the spirit of both current and prospective homeowners, as well as real estate investors who have long seen our state as a fertile ground for growth and opportunity.

MSHDA envisions this tax increase as a mechanism to provide a stable funding source for new and rehabbed housing, drawing parallels with initiatives like the proposed Neighborhood Homes and Investment Act in Congress. However, the critical question remains: Is increasing the real estate transfer tax the best route to achieving housing affordability and revitalization?

As a dedicated real estate professional and advocate for the best interests of our community, I stand with Michigan REALTORS® in opposing this proposed tax increase. Our concerns are not just about the numbers but about the real impact on real people—our neighbors, friends, and families looking to own a piece of the Michigan dream.

 

Why We Must Act Now

  1. Protecting Affordability: An increase in transfer taxes could ultimately make homeownership less accessible to many, countering the efforts to improve housing affordability in our state.
  2. Encouraging Investment: Michigan's real estate market has been a beacon of opportunity for investors, contributing significantly to our local economies. Higher transaction costs could deter investment, slowing down economic growth.
  3. Ensuring Transparency and Fairness: Any changes to tax policies affecting real estate should be made with comprehensive input from those it impacts the most, ensuring that the path forward is fair and equitable for all.

How You Can Help

  • Voice Your Opposition: Contact your local legislators and express your concerns about the proposed increase in the real estate transfer tax. Personal stories about how this could impact you or those you know are incredibly powerful. 
  • Stay Informed: Follow updates on this issue and participate in discussions. Knowledge is power, and staying informed enables you to advocate effectively.
  • Spread the Word: Share this information with your network. The more people are aware of the potential implications of this proposal, the stronger our collective voice.

Conclusion

As we navigate this challenge, remember that our strength lies in our unity and collective action. Let's stand together to ensure that our voices are heard, advocating for policies that support, not hinder, the goal of making Michigan a place where homeownership is accessible and cherished.

Your support and action can make a difference. Together, we can protect the future of real estate in Michigan.

 

Yours in advocacy,

Chris Speer -REALTOR, AHWD, RENE, ePro

EXP Realty

269-779-5031

chris@easypropertyfinder.comRealtor Chris Speer at Michigan State Capitol in Lansing Michigan

 

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Christopher Speer

Christopher Speer is a highly accomplished real estate agent based in southwest Michigan. He has over 14 years of experience as a real estate investor and has established himself as a trusted and reli....

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