MI SB0370

Requires a person preparing a closing statement for the sale of property that will result in a taxable value adjustment under MCL 211.27a(3) to provide the buyer with a written statement of estimated property tax liability after the transfer of ownership.

The statement must be signed by the closing statement preparer, all realtors involved in the transfer, and the buyer; if no closing statement is prepared, it must be signed by the seller, all realtors involved, and the buyer.

Applies to property transfers that trigger a reassessment of taxable value to the property's current state equalized valuation under Michigan's Proposal A property tax limitations.

Does not modify existing property tax assessment rules, transfer of ownership definitions, or exceptions to transfer-triggered reassessments contained in MCL 211.27a.