MI HB4753

Exempts transfers of residential real property between relatives by blood or affinity to the first degree from triggering a reassessment, effective December 31, 2013, provided the property's use does not change following the transfer.

Maintains the existing property tax assessment cap system where taxable value increases are limited to 5% annually or the inflation rate, whichever is lower, unless there is a transfer of ownership.

Requires the transferee to be related to the transferor within the first degree of kinship and the residential property must remain in the same use classification to qualify for the exemption.

Preserves all other existing transfer of ownership definitions and exceptions, including transfers to trusts, through foreclosure, between business entities, and of agricultural and forest property.

Applies immediately upon Governor's approval on December 27, 2012.