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MI SB0805

Bill

Official Source

Status

Engrossed

11/29/2012

Primary Sponsor

Michael Green

Click for details

Origin

Senate

96th Legislature

AI Summary

  • Property assessed at 50% of true cash value under Michigan Constitution Article IX, Section 3
  • Taxable value limited to lesser of: prior year value adjusted by inflation cap (5% maximum) plus additions, or current state equalized valuation
  • Upon property ownership transfer after 1994, taxable value resets to current state equalized valuation for following calendar year
  • Transfers of qualified agricultural and forest property exempt from revaluation if new owner files affidavit attesting property will maintain its qualified status
  • Land transfers subject to conservation easements under Natural Resources and Environmental Protection Act exempt from revaluation upon transfer

Legislative Description

Property tax; exemptions; certain conservation easements; exempt. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).

Property tax, exemptions

Last Action

Referred To Committee On Tax Policy

11/29/2012

Committee Referrals

Tax Policy11/29/2012
Finance11/9/2011

Full Bill Text

No bill text available