HB 5775 Summary

• Redefines "homestead facility" to remove requirements that existing structures be purchased after December 31, 1996, and located in subdivisions platted before January 1, 1968, simplifying eligibility for residential properties with 1-2 units.

• Changes definition of "local governmental unit" from qualified entities under the obsolete property rehabilitation act to simply any city, village, or township.

• Adds Upper Peninsula exception allowing rehabilitated facilities valued up to $500,000 per unit (compared to $120,000 statewide limit) to qualify for neighborhood enterprise zone benefits.

• Clarifies that "current true cash value" in the rehabilitated facility definition means the most recent determination under the general property tax act's section 27.