MI SB0283

Purchase price is presumptively the true cash value for transfers of eligible nonprofit housing property from charitable nonprofit housing organizations to low-income persons occurring after December 31, 2010.

Defines "charitable nonprofit housing organization" as a nonprofit organization whose primary purpose is constructing or renovating residential housing for conveyance to low-income persons.

Defines "low-income person" as someone with family income not exceeding 60% of statewide median gross income who meets criteria established by the charitable nonprofit housing organization.

Taxable value of eligible nonprofit housing property shall be adjusted annually in the year following transfer and each subsequent year under section 27a procedures.

Maintains existing rules that purchase price is not presumptive true cash value for other property transfers and assessors must use standard valuation methods for non-eligible properties.