House Bill 4172 Summary

• Amends Section 6 of the State Real Estate Transfer Tax Act (MCL 207.526) to modify exemptions from Michigan's real estate transfer tax.

• Changes the penalty provision for agricultural property transfers claimed under Section 7cc of the General Property Tax Act from "true cash value" to "an amount greater than 2 times the state equalized value," with a 20% tax penalty assessed on the seller or transferor if the threshold is exceeded.

• Adds exemption for transfers of property from religious societies if the property remains exempt from property taxes under Section 7s of the General Property Tax Act (MCL 211.7s).

• Maintains existing exemptions for transfers between family members, government entities, foreclosures, entity reorganizations, leases, and other specified transactions.