LANSING, Mich. (AP) — Some Michigan homeowners struggling with property taxes can sign up for affordable payment plans to help them stay in their houses under new legislation.
The “Pay as You Stay” bill was signed Monday by Gov. Gretchen Whitmer. It implements a program that allows foreclosing governmental units to reduce delinquent property taxes owed by homeowners who qualify for poverty exemptions.
Once enrolled, all interest, penalties and fees would be eliminated. The balance due would be limited to back taxes only or 10% of a home’s taxable value, whichever is less.
The remaining balance would be paid back over three years at no interest.