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MICHIGAN ASSOCIATION OF REALTORS WAITING ON ENGLER'S PROPOSAL TO REPLACE NEARLY $6 BILLION IN SCHOOL FUNDING COSTS

 GRAND RAPIDS, Mich., Oct. 5 /PRNewswire/ -- The following was released today by the Michigan Association of REALTORS:
 More than 1,400 members of the Michigan Association of REALTORS meeting in Grand Rapids this week will be listening closely as Gov. John Engler outlines his proposal to replace nearly $6 billion in school funding costs. Preliminary reports indicate both residential and commercial property owners will be targeted once again as the main source to finance school funding.
 The Michigan Association of REALTORS opposes any increase in the real estate transfer/transaction tax. The REALTORS point out that such a tax increase would weigh more heavily on lower- and middle-income property owners, increase down payment/closing costs by up to 20 percent for a conventional loan and 80 percent for FHA/VA loans. The proposed 4-percent transfer/transaction tax represents a 100-percent tax increase and would be the highest in the nation.
 -0- 10/5/93
 /NOTE TO EDITORS: For more details on the REALTOR response to Engler's plan, contact Janis Haskell at the site of the association's annual convention, Amway Grand Plaza Hotel REALTOR registration desk, 616-774-2000./
 /CONTACT: Janis Haskell, director of communications, Michigan Association of REALTORS (at the Amway Grand Plaza Hotel), 616-774-2000/


CO: Michigan Association of REALTORS ST: Michigan IN: SU:

KE-SM -- DE009 -- 8797 10/05/93 10:44 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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