Property tax: assessments; taxable value of transferred property; modify. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).

Summary

The bill changes how Michigan assesses property taxes by requiring that, after a transfer of ownership, a parcel’s taxable value be set to its current state‑equalized valuation for the next tax year. It also defines what counts as a transfer—including deeds, land contracts, and many trust transactions—and sets limited exemptions and a $200 fine for non‑compliance. The amendment updates assessment limits and correction procedures for errors.

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