SB-0052 Summary

• Amends Michigan's property tax assessment law (MCL 211.27a) effective June 1, 2013, regarding qualified forest property and related provisions.

• Establishes that transfers of qualified forest property are not considered transfers of ownership if the new owner files a "qualified forest taxable value affidavit" with the local assessor and register of deeds attesting the property will remain qualified forest property.

• Allows property owners enrolled as qualified forest property before January 1, 2013 to execute a new affidavit between June 1 and November 30, 2013 without paying the $50 fee, or opt out without incurring recapture tax penalties.

• Requires the affidavit form to be prescribed by the Department of Agriculture and Rural Development (not Treasury) and include property legal description, owner name, transfer year, management plan compliance statement, and other pertinent information.

• Clarifies that the exemption applies only to land, not buildings or structures on qualified forest property, and that buildings/improvements are still subject to transfer of ownership rules under section 7jj.