MI HB5950

Removes the requirement that spouses file joint Michigan income tax returns to claim a principal residence exemption, allowing either spouse to claim an exemption independently if they meet other eligibility criteria.

Increases the maximum penalty for failing to rescind a principal residence exemption within 90 days from $200 to $500.

Extends the lookback period for denying exemption claims from 3 years to 5 years for assessors, the Department of Treasury, and county officials conducting audits.

Introduces a tiered penalty structure based on property value (ranging from $1,000 to $10,000) for persons whose exemption claims are denied beginning January 1, 2012.

Makes technical corrections to subsection numbering and updates references to cooperative housing corporation filing requirements.