If you own property in Michigan, watch out. Your tax bill is about to get a whole lot more expensive.
The owners of Michigan's malls, office buildings and warehouses are getting a huge shock this month as they begin to figure out their tax bills under the state's new business tax.
Some commercial-real-estate developers are seeing 200 to 400 percent increases as the result of the switch to the Michigan Business Tax from the Single Business Tax, which was eliminated last year.
The developers say the extra burden couldn't come at a worse time.
"The real-estate industry -- particularly the income-producing real-estate industry -- is facing difficult times without the tax situation," said Joshua T. Weiner, chief executive officer of Portage-based development firm Meyer C. Weiner Co.
Commercial real-estate markets have been weak in Michigan thanks to the state's economic troubles and now are facing even greater pressure as the national economy slows, developers say.
(Spotted at The Real Estate Bloggers)