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The effect of property taxation on housing prices has long been of interest in the study of local public finance. Soaring property tax bills from increasing housing values have at times led to citizen calls to place limits on increases in property tax burdens. In 1994, the state of Michigan passed Proposal A, which lowered the overall property tax rate and imposed caps equal to the minimum of inflation or 5% on the maximum yearly increase in property taxes for properties that do not transfer ownership.
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