By LAUREN GIBBONS
Capital News Service
LANSING — A widely-supported bill that would prevent property tax increases for owners who transfer family-owned land has a high chance of becoming law before the end of the year, according to the sponsor, Rep. Peter Pettalia, R-Presque Isle. The bill would primarily benefit families who own cottages or lakefront property, Pettalia said. Current law decrees that the taxable value of a home cannot increase from one year to the next by more than 5 percent or the increase in the consumer price index. When property is sold or transferred, however, the restriction doesn’t apply, and property taxes generally increase to reflect the value of the property. That law can put families planning to pass on their cottages or waterfront property in a bind, Pettalia said.