MI HB4860

Requires property buyers, grantees, or transferees to notify the assessing office within 45 days of transfer or face penalties and additional taxes.

For industrial or commercial property with a sale price of $100,000,000 or less, imposes a penalty of $20 per day for each day after 45 days (maximum $1,000), or a flat $20,000 penalty if the sale price exceeds $100,000,000.

For other real property, imposes a penalty of $5 per day for each day after 45 days (maximum $200).

Allows the assessing office to reduce the $20,000 penalty to the daily rate penalty if the failure to notify was due to reasonable cause rather than willful neglect, with written notice and appeal rights to the Michigan Tax Tribunal.

Permits local tax collecting units to waive penalties by resolution, and requires the assessing officer to immediately notify property owners of any taxable value increases and file an affidavit documenting adjustments with responsible officials.