REAL ESTATE / ENVIRONMENTAL

Plan today to manage your current and future property tax expenses
By Jeremy R. Cnudde    [Fall 2014]
Managing property tax expenses is a major focus for you as an owner or tenant of real property in Michigan. As the “Great Recession” in Michigan subsides and property values rebound, it is important to regularly review and monitor adjustments in your property assessments.”
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Reducing tax costs of foreclosure and deed in lieu transactions
By William B. Acker    [Fall 2012]
When business economic conditions change substantially, commercial property net rental income and cash flow may deteriorate and become insufficient to meet the expenses of owning, operating and maintaining the property. This often results in a true decline in the economic value of the property.
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Mine, yours and the IRS
By Gloria M. Chon    [Winter 2011]
If you and your spouse jointly own property in Michigan, there is a good chance that you own the property as “tenants by the entirety.”
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Property tax classification appeals
By Richard D. Bisio    [Summer 2011]
Property classification has become a hot issue since 2008, when the Michigan Business Tax and associated amendments gave a tax break to industrial personal property. Since then, assessors have been looking closely at property classification with a view to reclassifying industrial property to commercial, a move that increases personal property tax rates for the property owner.
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Michigan seeking to reclassify industrial properties
By Richard D. Bisio    [Winter 2010]
Several of our clients have received notice that the Michigan Department of Treasury is seeking to reclassify their property from industrial to commercial.
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Environmental spill can be financial disaster for your business
By Patricia Paruch    [Fall 2010]
The oil spills in the Gulf of Mexico and the Kalamazoo area demonstrate the catastrophic effects of accidental spills of hazardous and other regulated substances. Even the best-designed safety plans can go awry through human error and/or equipment failure. All businesses that handle, store, transport or use regulated substances in their operation should be aware that state and federal penalties for damage to the environment from a spill can threaten the businesses’ bottom line.
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Extension/expansion of home buyer tax credit, but act early in 2010!
By William B. Acker    [Spring 2010]
Federal law has just extended and increased the availability of a federal income tax credit for certain buyers of a principal residence. These important changes could make it easier for you or someone in your family to buy or sell a home. The changes offer new opportunities under recently expired rules.
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