The Michigan State Housing Development Authority (MSHDA) is currently pushing the state legislature for a $50 million Real Estate Transfer Tax increase.  This would impact ALL residential and commercial real estate transactions.  

MSHDA is eyeing a tax increase on all real estate for the creation of a new housing fund.  While we certainly agree we need affordable housing, this is not the way to get there.  This proposal would be detrimental to Michigan’s existing housing market and future development.

• Making all housing more expensive in the name of affordable housing makes zero sense.  Michigan can’t afford a housing tax increase.
• This increased transfer tax further limits Michigan’s housing inventory and makes the sale of existing homes even more challenging.
• Existing homes are already faced with higher interest rates and “pop-up” property taxes.  Higher transfer taxes are just one more hurdle for home sellers.
• This tax increase would be a huge financial blow to large commercial projects, like much-needed multifamily housing, at a time when rising costs are making these developments more difficult.
• This tax increase does not address the root causes of housing affordability such as burdensome regulation and zoning restrictions.

Now is the time for REALTORS® to engage with the Michigan Legislature!  Tell your Senator and Representative that a transfer tax increase is a bad idea! 

CLICK HERE TO TAKE ACTION

Questions? Contact GMAR’s Director of REALTOR® and Community Affairs, Grant Meade at grant@gmaronline.com or GMAR’s Political Engagement Director, Alex Haddad at alex@gmaronline.com