MI HB5947

Exempts homestead real property owned and used by disabled veterans discharged honorably from federal income taxes under the General Property Tax Act.

Requires property owners or their legal designees to file an affidavit with the supervisor or assessing officer between tax day and the final adjournment of the local board of review to obtain the exemption.

Allows the exemption to transfer to an unremarried surviving spouse of a deceased disabled veteran, provided the spouse files the required affidavit and meets other eligibility requirements.

Defines "disabled veteran" as a Michigan resident meeting one of three criteria: rated as permanently and totally disabled by the U.S. Department of Veterans Affairs at 100%, receiving pecuniary assistance for specially adapted housing, or rated as individually unemployable by the Department of Veterans Affairs.

Places the financial burden of lost tax revenue on local taxing units, which must bear the loss of their portion of taxes for properties granted the exemption.