MI HB5552

Excludes certain family transfers of residential real property from triggering reassessment at current market value, effective December 31, 2014, when property is transferred to relatives (parents, siblings, children, grandchildren) and not used for commercial purposes.

Allows transfers of residential real property to trusts for benefit of relatives (parents, siblings, children, grandchildren) without triggering reassessment, provided the property is not used for commercial purposes and proof of relationship is provided within 30 days upon request.

Permits distributions from trusts of residential real property to relatives (parents, siblings, children, grandchildren) without triggering reassessment, provided residential property is not used for commercial purposes and beneficiaries can prove relationship eligibility.

Extends temporary exemption from reassessment for first-degree blood or affinity relatives transferring residential property (December 31, 2013 through December 30, 2014) and makes permanent exemption beginning December 31, 2014.

Imposes $200 fine on beneficiaries or transferees who fail to provide proof of relationship status within 30 days when requested by the department of treasury or assessor.