Property tax: assessments; transfer of ownership of certain real property to certain individuals; exempt from uncapping of taxable value upon transfer. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies how property tax assessments are calculated when property ownership changes. Specifically, it exempts transfers of ownership of certain real property – including those involving trusts, wills, or land contracts – from the usual annual uncapping of the taxable value. It also addresses adjustments to taxable value following a transfer, aiming to simplify the process and provide more stability for property owners. The bill includes specific rules regarding transfers involving conservation easements and qualified agricultural/forest property.
Key provisions
- Exempts transfers of ownership of certain real property from the annual uncapping of taxable value.
- Adjusts the taxable value of property after a transfer to the value it would have had since December 31, 1999, if certain conditions are met (no prior adjustments, continued qualification as agricultural property).
- Specifies conditions under which a transfer is considered a ‘transfer of ownership’ (e.g., land contracts, trusts, wills).
- Provides rules for assessing property transferred through trusts, including requirements for beneficiaries to provide proof of eligibility.
- Addresses transfers involving conservation easements and qualified agricultural/forest property, with specific affidavit requirements.
- Requires notification to assessing officers of recorded property transfers.
- Defines key terms related to property assessment and transfer.
Who is affected
Bill text
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Document of record
- Version
- House Introduced Bill
- Published
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Sponsors
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17 on record
Primary sponsor
Bradley Slagh
Cosponsors
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