'Concern' over the phase out of Michigan's Personal Property Tax
Flint’s Emergency Financial Manager says he’s ‘concerned’ about ending Michigan’s Personal Property tax.
Governor Snyder signed the phase out of the tax on business equipment today.
Flint relies on the tax for about 10% of its property tax revenues.
Ed Kurtz is Flint’s Emergency Financial Manager. He hopes the legislature will help cities replace the money they’ll lose.
Kurtz needs every dollar he can get to lift Flint from its multi-million dollar budget deficit.
‘It won’t make it any easier…but it won’t make it any harder…as long as we can…find a way to get the 100%,’ says Kurtz.
Voters will have to approve a plan for replacing revenue for schools and public safety on the 2014 statewide ballot.
Local governments will also have an option to create a special assessment to replace the lost tax revenue.