Property tax: exemptions; partial exemption for qualified principal residence upon transfer of ownership; provide for. Amends 1893 PA 206 (MCL 211.1 - 211.155) by adding sec. 7yy. TIE BAR WITH: HB 6005'26

Summary

The bill adds a new section to Michigan’s property tax law that gives a temporary reduction in taxable value for a principal residence when it is transferred and the assessed value jumps at least 20% above what it would have been. The reduction is 67 % of the excess value in the first year after the transfer and 33 % in the second year. The exemption only applies if a related bill (HB 6005) is also enacted.

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