MI HB5556

Amends Michigan's general property tax law (MCL 211.27a) to establish that property transfers to a limited liability company are not treated as transfers of ownership if the LLC ownership matches the property ownership at the time of transfer, effective December 31, 2011.

Maintains existing property tax assessment rules where taxable value is the lesser of the prior year's value increased by inflation (or 5%, whichever is lower) plus additions, or the current state equalized valuation.

Preserves the taxable value cap for qualified agricultural and forest property transfers when an affidavit is filed attesting the property will remain in that classification.

Establishes notification requirements for property transfers, including 45-day notification to assessing officers by buyers and monthly notification from registers of deeds about recorded transactions.

Defines "transfer of ownership" to include various conveyances (deeds, land contracts, trusts, leases over 35 years, ownership interests over 50%) while exempting spousal transfers, foreclosures, court-ordered transfers, and certain corporate reorganizations.