Property tax: exemptions; freeze of taxable value for primary residences of certain senior citizens; provide for. Amends 1893 PA 206 (MCL 211.1 - 211.155) by adding sec. 7zz.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill creates a partial property tax exemption for primary residences of certain senior citizens. If specific criteria are met, including age, residency length, and income limits, homeowners can receive an exemption from their property taxes. The exemption amount is calculated as the difference between the property's taxable value and a base amount, which is determined based on the property's value in the year the exemption is first applied.
Key provisions
- Provides a partial property tax exemption for primary residences.
- Exemption applies to homeowners, their spouses, or immediate family members.
- Eligibility requires being at least 63 years old and residing on the property for at least 10 years, or residing there for at least 30 years.
- Household gross income must not exceed $40,000.
- The exemption amount is calculated as the difference between the property's taxable value and a ‘base amount’.
- Married individuals can only claim the exemption for one residence.
- The Department of Treasury will create rules to implement the exemption.
Who is affected
- Senior citizens
- Homeowners
- Property taxpayers
- Individuals with incomes under $40,000
Notable changes
- Establishes a new property tax exemption based on age, residency, and income.
Bill text
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- Senate Introduced Bill
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