Q: we aquired land from a lady bird trust and bought out other two parties are we still entitled to the tax amount from the
the michigan tax code for property handed down to children
A:
If you acquired land from a Lady Bird trust and bought out the interests of other parties, the tax treatment for that property depends on several factors. Michigan law allows for the uncapping of taxable value when property is transferred, but there are exemptions, such as transfers to children. However, since you've bought out other parties, it's important to determine whether that transaction triggers a taxable event.
If the property was originally intended to be passed down to children under a Lady Bird deed, there might be protections against uncapping of the taxable value. But since you purchased interests, this may complicate the situation. Michigan's property tax laws are very specific about what constitutes a transfer that would allow for an exemption.
It’s recommended that you review the details of the transaction and the specific terms of the Lady Bird trust. Reaching out to the local tax assessor’s office or a qualified legal professional can help clarify your rights regarding the taxable value and any potential exemptions available under Michigan law.
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