Monday, February 2, 2009

Michigan Property Tax And Inflation Information

Proposal A, which was approved on a statewide ballot in 1994, set certain property tax changes into thd Michigan Constitution. Proposal A limited the yearly property tax increase to be equal to the lesser of the general price level (Inflation Rate Multiplier) or 5%.

How: The equation for the Inflation Rate Multiplier is mandated in MCL 211.34d. Each year Treasury's Tax Analysis Division is required calculate the rate, using the Bureau of Labor Statistics data. The Inflation Rate Multiplier is equal to the ratio of:............................

Michigan Treasury

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