MI HB5340

Changes the interest rate calculation for property tax refunds determined by the tax tribunal, effective July 1, 2012, to 1 percentage point above the adjusted prime rate (based on the average rate charged by at least 3 commercial banks).

Defines the adjusted prime rate as the average of the predominant prime rates quoted by not fewer than 3 commercial banks, calculated for two 6-month periods ending March 31 and September 30, with adjustments taking effect July 1 and January 1 respectively.

Maintains previous interest rate schedules for periods before July 1, 2012 (6% annually before April 1, 1982; 12% from April 1, 1982 to March 31, 1985; 9% from April 1, 1985 to March 31, 1994; treasury bill-based rates thereafter).

Clarifies that the tax tribunal determines taxable value, state equalized valuation, and exempt status, with specific burden of proof allocations between petitioner and assessing agency.

Allows automatic addition of subsequent tax years to petitions in exempt property cases and residential property/small claims division appeals without requiring separate motions to amend.