HB 5878 Summary

• Amends the General Property Tax Act to modify taxable value calculations for property transfers, establishing that qualified residential property transferred between January 1, 2013 and December 31, 2017 shall not have its taxable value adjusted after December 31, 2017 due to that transfer.

• Defines "qualified residential real property" as real property classified as residential, exempt as a principal residence at time of transfer, and remaining exempt as a principal residence after transfer.

• Requires property transfers after December 31, 2017 to follow standard taxable value adjustment rules under subsection (3), resuming normal property tax assessment procedures.

• Maintains existing exemptions from transfer-of-ownership triggering taxable value adjustments for spousal transfers, certain trust conveyances, agricultural and forest property with proper affidavits, and various corporate reorganizations.

• Requires county registers of deeds to notify assessors monthly of recorded property ownership transfers and requires property transferees to notify assessing offices within 45 days using state-prescribed forms containing transfer details and consideration amounts.