The state legislature is currently hard at work on a budget agreement in Lansing. There is a statutory deadline of July 1st for a balanced budget – a deadline that they missed last year. This year, there appears to be agreement between the House Republicans, Senate Democrats, and the Governor, on the framework and spending targets that will lend themselves to a signed budget before the deadline.
The important piece of the budget for Realtors® is the continued funding of Michigan Realtors® CE Marketplace. CE Marketplace is a division of your state association and works with the Michigan Department of Licensing and Regulatory Affairs (LARA) to track and approve real estate continuing education for all licensees. This relationship has been a valuable benefit to real estate licensees for over 15 years. Both the House and Senate recommendations include full funding of CE Marketplace for the 2026-2027 fiscal year.
Unfortunately, the budget agreement does not include property tax relief as a negotiated item. Both the House and Senate proposed their own property tax relief proposals earlier this year with the potential to include it in the budget deal. However, they remain for a separate policy discussion once the budget is passed.
Michigan Realtors® continues to meet with the legislature on avenues to provide property tax and pop-up tax relief. Stay tuned for more information on those issues moving forward.
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