MI HB4200

Extends principal residence exemption from school operating taxes to include adjoining or contiguous timber-cutover real property, effective December 31, 2007.

Allows owners on active duty in armed forces to maintain principal residence exemption for up to 3 years while property is rented, provided they file an affidavit attesting intent to return.

Permits owners of property classified as timber-cutover real property to file appeals with the 2009 or 2010 board of review to claim exemptions retroactively for 2008 and 2009 tax years.

Establishes filing deadline of May 1 for exemption affidavits and creates conditional rescission process allowing owners to retain exemption for up to 3 years on previously exempt property if it remains unoccupied, unsold, and unleased.

Creates principal residence property tax exemption audit fund within state treasury to be funded by interest collected from denied exemption claims, to be used solely for auditing exemption affidavits.