HB 4810 Summary

• Allows owners who move to nursing homes or assisted living facilities to retain their principal residence property tax exemption if they maintain ownership, don't establish a new principal residence, maintain the property, and don't occupy, lease, or use it for business purposes.

• Permits land contract vendors, banks, credit unions, and lending institutions to retain exemptions on foreclosed properties for up to 3 tax years if the property remains unsold, unleased (except to the original owner), and unused for business purposes, with annual verification required.

• Requires lending institutions retaining exemptions on foreclosed properties to pay an amount equal to the additional school operating tax that would have been owed, plus an administration fee, with payments deposited into the state school aid fund.

• Establishes procedures for exemption denials, appeals, and corrected tax bills with interest accruing at 1.25% per month, and allows the Department of Treasury to waive interest for assessor errors.

• Effective retroactively for taxes levied after December 31, 2012, with an effective date of March 20, 2014.