MI SB0907

Expands the definition of "owner" under the principal residence exemption to include a present beneficiary of a trust if the trust owns property that is the beneficiary's principal residence.

Requires a present beneficiary of a trust claiming a principal residence exemption under section 7cc to file an affidavit with the local assessor notifying them of the exemption claim, including the beneficiary's name, property address, and statement of meeting all exemption requirements.

Allows property that qualified as a principal residence to maintain that status for 3 years after being rented or leased if the owner is on active duty in the U.S. Armed Forces and files an affidavit with the assessor by May 1 (or by December 31, 2008 for that year only).

Clarifies that qualified agricultural property does not lose its exemption status when an owner implements a wildlife risk mitigation action plan, and allows owners to appeal property classification changes resulting from such plans within 4 years.

Defines "wildlife risk mitigation action plan" as a written plan of measures to reduce communicable disease risks between wildlife and livestock, approved by the Department of Agriculture.