University of Michigan President Mark Schlissel recently purchased a house in Oakland County, raising questions about his contract and tax implications. The purchase came to light through public records, showing that Schlissel and his wife, Monica Schwebs, bought a $1.33 million colonial-style home in Orchard Lake Village.
The purchase has sparked speculation about whether Schlissel’s contract with the university allows for such high-value personal investments. UM has declined to comment on the specifics of Schlissel’s contract, citing confidentiality agreements. However, the university noted that Schlissel’s compensation is in line with other Big Ten university presidents.
The couple’s new home, located in a prestigious area with lake access, has raised eyebrows about potential tax implications. Property tax records show that the house has a taxable value of $670,400, which is half of its estimated market value. This has led to questions about whether Schlissel and Schwebs took advantage of Michigan’s Proposal A, which caps property tax increases at the rate of inflation.
Experts have weighed in on the situation, noting that deals involving high-value homes can raise ethical concerns. In addition, they have highlighted the importance of transparency in such matters, especially for public figures like university presidents.
Overall, Schlissel’s home purchase has brought attention to the personal financial decisions of university leaders. As discussions continue about the contract and tax implications of the purchase, many are calling for greater transparency and accountability in the dealings of university presidents.
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