MI SB0396

Amends Michigan's property tax law to modify how replacement construction is treated for taxable value purposes when property is damaged or destroyed by accident or act of God.

For replacement construction completed by December 31 of the third year after damage, if the replacement is substantially the same materials, square footage does not exceed 5% greater than damaged property, and materials comply with health, sanitary, zoning, safety, fire, or construction codes, the taxable value equals the property's taxable value from the year before damage, adjusted annually.

Clarifies that construction materials required to bring property into compliance with applicable health, sanitary, zoning, safety, fire, or construction codes are considered "substantially the same materials" for replacement construction purposes.

Makes the effective date February 25, 2014.