Michigan Real Estate News

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Site Cleared For Ann Arbor Residential Development As Law Suit Continues

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A development planned for 91 acres of farmland north of Ann Arbor is moving forward, even though neighbors are suing the developer over a disputed piece of property. Chestnut Development LLC has plans for a 264-unit development south of Whitmore Lake. Builders are currently installing water, sewer and storm water infrastructure on the property. The plans include 56 single-family homes on individual lots and 208 multi-family attached units on 79 acres of property. The remaining acreage is slated for future commercial development. A neighboring couple has filed complaints that the developer has trespassed and destroyed their property. The lawsuit aims to determine ownership of the property that is partially on the developers lot. The residents are requesting the judge award title of the piece of property under adverse possession.

 

 

Oakland County To Create Land Bank Authority

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Oakland County is creating a land bank authority. The land bank authority will support economic growth and community revitalization. According to the county’s treasurer, the creation of the authority will enable the county to address property vacancies, support new developments and return foreclosed properties to the tax rolls. The application process for board members will begin in mid-July, with hopes that the board will be up and running by mid-August.

Inflation Impacts Property Taxes With Highest Increase Since 2007

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Michigan homeowners can expect to see bigger than normal increases in their summer property tax bills. Thanks to this year’s inflation, many need to prepare for even bigger hikes next year. The inflation rate adjustment for this year’s property taxes is 3.3%, the highest it has been in 15 years. The rate is the maximum increase in taxable value that can apply this year to Michigan homes that haven’t changed ownership or seen additions to the property. The multiplier hasn’t been over 3% since 2007. Inflation’s impact on food and gas prices are obvious to consumers, but its impact on property taxes can be unexpected and somewhat hidden.