HB 5546 Summary

• Amends the General Property Tax Act to add a new exemption from property tax uncapping when residential real property transfers from a general or limited partnership to certain family members or partners.

• Exempts transfers where the transferee is a general partner, limited partner, or their spouse, or is a mother, father, brother, sister, son, daughter, adopted son/daughter, grandson, or granddaughter of a partner or partner's spouse.

• Requires the residential property not be used for commercial purposes following transfer and permits the Department of Treasury or assessor to request proof within 30 days that transfer qualifies for the exemption.

• Imposes a $200.00 fine on transferees who fail to comply with requests for proof that the transfer meets exemption requirements.

• Effective beginning December 31, 2014.