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HOME SALES
(2008-03-28)
(wgvu) - THE STATE SENATE HAS PASSED LEGISLATION
AIMED AT SPURRING HOME SALES IN MICHIGAN.
MAJORITY REPUBLICANS SAY BILLS APPROVED YESTERDAY ADDRESS THE
SO-CALLED "POP-UP" TAX THAT ACCOMPANIES A HOME PURCHASE.
UNDER MICHIGAN'S PROPERTY TAX SYSTEM, A HOME'S TAXABLE VALUE
RISES TO ITS MARKET VALUE WHEN IT'S SOLD. CRITICS SAY THAT
DISCOURAGES PEOPLE FROM BUYING A HOUSE IN THE STATE.
THE SENATE PLAN WOULD GIVE HOME BUYERS AN INCOME TAX CREDIT
AGAINST THE AMOUNT THEIR PROPERTY TAXES WOULD RISE OVER THE
PREVIOUS OWNER'S TAXES.
SOME DEMOCRATS SAID THE DECLINE IN TAX REVENUE SHOULD BE LINKED
TO SPENDING CUTS.
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