Michigan Supreme Court retroactively applies 2020 ruling, requiring local governments to return cash surpluses from foreclosed homes, impacting tens of thousands and potentially affecting local budgets.
The Michigan Supreme Court has ruled that its 2020 decision prohibiting local governments from retaining cash surpluses from foreclosed homes can be applied retroactively. This ruling could result in hundreds of millions of dollars being returned to individuals who lost properties due to unpaid taxes, impacting tens of thousands of people. Local governments may face budget constraints to compensate for the lost funds, potentially leading to service cuts or tax increases.
July 29, 2024
13 Articles