MI HB6294

Simplifies the definition of "homestead facility" by removing restrictions on when properties must be purchased and eliminating subdivision platting requirements that previously limited eligibility.

Expands "local governmental unit" eligibility from only qualified local governmental units and county seats to include any city, village, or township.

Increases the maximum true cash value threshold for "rehabilitated facilities" from $80,000 to $250,000 per unit.

Increases minimum improvement cost requirements for rehabilitated facilities: from $5,000 to $10,000 for owner-occupied units and from $7,500 to $15,000 for nonowner-occupied units (or 50% of true cash value, whichever is less).

Adds annual cost-of-living adjustments to dollar thresholds beginning in 2019, based on the consumer price index as determined by the state treasurer.