MI HB4677

Allows property owners to request that assessors establish a separate tax parcel for a portion of qualified agricultural property that ceases to qualify for agricultural property tax treatment without requiring a formal land division.

The portion of property established as a separate tax parcel has its taxable value adjusted under normal reassessment rules and becomes subject to recapture tax under the Agricultural Property Recapture Act when it loses qualified status.

The adjustment to taxable value for the newly separate parcel occurs as of December 31 in the year the property ceases to be qualified agricultural property.

Clarifies that a portion of a parcel subject to this provision is considered a separate tax parcel only for purposes of this specific provision and the agricultural property recapture tax provisions.