HB 6284 Summary

• Amends property tax assessment law (MCL 211.27a) regarding taxable value calculations for property transfers after 1994.

• Changes timing for land contract transfers: property conveyed by land contract before January 1, 2011 is adjusted when the contract is entered into; after December 31, 2010, adjustment occurs when the deed is recorded with the register of deeds.

• Maintains existing provisions that taxable value is the lesser of the prior year's value (increased by up to 5% or inflation rate) or current state equalized valuation.

• Applies to property held as tenancy in common, corporate ownership interests over 50%, cooperative housing, trusts, and leasehold interests exceeding 35 years.

• Includes exemptions for transfers between spouses, foreclosures, court-ordered transfers, qualified agricultural and forest property, and conservation easement land.