Last week, the House of Representatives passed HB 5340, sponsored by Rep. Gilbert (R – Algonac). The bill would increase the interest rate paid on properties from Tax Tribunal judgments. The new interest rate from July 1, 2012 forward would be the adjusted prime rate plus 2 percent. The League opposes the bill, and has had discussions with the sponsor regarding reducing that amount. The bill now heads to the Senate, where we will continue to discuss a further reduction in that rate.
Summer Minnick is the Director of State Affairs. She can be reached at (517) 908-0301 or firstname.lastname@example.org