MI HB6250

Creates a partial property tax exemption for primary residences of qualifying seniors and long-term homeowners, effective for taxes levied after December 31, 2018.

Exemption amount equals the current taxable value minus a "base amount" (the original taxable value adjusted for losses and additions over time).

Eligibility requires either: (1) owner is at least 63 years old with 10+ years of continuous residence, or (2) 30+ years of continuous residence regardless of age.

Applicant's household gross income must not exceed $40,000 in the current tax year, and property must be owned by the individual, spouse, or specified relatives.

Married persons with separate primary residences may claim the exemption for only one residence, and the Department of Treasury must promulgate implementation rules.