MI HB4812

Amends the definition of "true cash value" for property tax assessment purposes under Michigan's property tax law (1893 PA 206, MCL 211.27)

For transfers of eligible nonprofit housing property from charitable nonprofit housing organizations to low-income persons occurring on or after December 31, 2021, the loan amount stated in the closing disclosure form becomes the presumptive true cash value instead of the purchase price

Transfers occurring from December 31, 2010 through December 30, 2021 continue to use the purchase price as presumptive true cash value

Requires that taxable value of eligible nonprofit housing property be adjusted annually in the year following transfer and each subsequent year per section 27a

Takes effect immediately upon enactment; approved by Governor on July 19, 2022