Property tax: exemptions; property tax exemption for certain nonprofit housing property; modify. Amends sec. 7kk of 1893 PA 206 (MCL 211.7kk).
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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 modifies existing property tax laws to create an exemption for certain nonprofit housing properties. Specifically, it allows charitable nonprofit housing organizations to apply to the state tax commission for an exemption from property taxes on eligible housing, such as residential building lots, single-family dwellings, or multi-unit buildings. The exemption’s duration depends on whether the property is a residential building lot or not, and it is contingent on the property being occupied by a low-income person or transferred to that person.
Key provisions
- Charitable nonprofit housing organizations can apply for property tax exemptions.
- Eligible nonprofit housing properties include residential building lots, single-family dwellings, duplexes, and multi-unit buildings with up to 4 units.
- Exemption duration is limited to 5 years for building lots or 3 years for other properties.
- Exemption continues until the property is occupied by a low-income person or transferred to them.
- The exemption is reduced by the number of years it was previously exempt.
- Definitions of key terms like ‘charitable nonprofit housing organization’ and ‘eligible nonprofit housing property’ are provided.
- The exemption is effective on the date of resolution adoption or building permit issuance, whichever is later.
- The state tax commission must grant or deny applications within 60 days.
Who is affected
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