MI HB5983

Authorizes local units of government to adopt ordinances limiting rent paid by senior citizens (age 62+) and individuals with disabilities to 50% of their household income.

Rent limitation does not apply to individuals under age 71 without disabilities unless they have lived in the dwelling unit for the preceding 5 years.

Allows local units with rent limitation ordinances to exempt affected properties from ad valorem property taxes and instead levy a specific annual tax on property owners equal to the ad valorem taxes that would otherwise be collected.

Specific tax is collected and disbursed following general property tax procedures, with delinquent taxes subject to lien, forfeiture, and foreclosure under the same mechanisms as standard property taxes.

Property owners who fail to pay the specific tax become ineligible for the tax exemption in subsequent years; act takes effect 90 days after enactment.