LANSING — The Senate today passed a bill introduced by Sen. Jeremy Moss (D-Southfield) that will give much-needed tax relief to Michigan homeowners, allowing them to invest more in their property and promote the revitalization of their neighborhood.
Senate Bill 319 will expand the criteria for existing Neighborhood Enterprise Zones (NEZs). These zones allow residents in distressed areas to receive reduced property taxes, or have assessments frozen, while construction and rehabilitation of existing residential properties takes place.
Specifically, SB 319 will increase the true cash value of a qualifying property from $80,000 to $120,000, giving more property owners the opportunity to participate in NEZ improvements.
“A thriving economy shouldn’t solely be measured by the profitability of our largest corporations, but also by the vitality of the working people in our neighborhoods. The Legislature has done a lot over the last eight years to reduce the tax burden on our major employers, but we can’t leave Michigan homeowners behind,” Sen. Moss said. “Michigan families also deserve tax relief for making investments that contribute to thriving neighborhoods, and I appreciate my Senate colleagues who voted to send my bill to the House.”
A Neighborhood Enterprise Zone spurs the development and rehabilitation of residential housing in communities where the greatest impact would occur. According to the Michigan Department of Treasury, in 2018 there were more than $57 million of investments made in properties due to NEZs.
SB 319 will ensure NEZs continue to be an effective tool for development and investment in our communities, and unanimously passed the Senate.
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