MI SB0372

Amends property tax assessment law to exclude sales of agricultural real property from sales studies unless an affidavit has been filed under section 27a(7)(n), requiring assessors to contact property owners to determine why no affidavit was filed.

Defines "true cash value" for property assessment purposes as the usual selling price at private sale, excluding forced sales and liquidation auctions, while considering location, zoning, soil quality, and present economic income.

Specifies that assessors shall not increase assessed value based on normal repairs and maintenance to residential property until it is sold, with detailed list of qualifying maintenance activities including painting, roof repair, rewiring, and plumbing replacement.

Requires exclusion from real estate sales data used for assessments any amounts paid for financing, personal property, or surveying that are identified in purchase agreements or certified affidavits.

Establishes presumptive true cash value for eligible nonprofit housing property transferred to low-income persons based on the actual purchase price, with subsequent annual adjustments to taxable value.