MI HB6281

Adds new Section 7yy allowing local assessing units to permit tax exemptions for principal residences of individuals at least 65 years old, with local units authorized by resolution to establish eligibility criteria based on income and asset levels.

Permits local units to allow senior citizens' properties to remain exempt in subsequent years without reapplication if there is no change in ownership or occupancy status.

Requires individuals age 65 and older claiming the exemption to own and occupy the property as a principal residence, file a claim annually (unless extended exemption is adopted), and provide identification and ownership documentation if requested.

Establishes procedures for rescinding extended exemptions within 45 days if ownership or occupancy status changes, and requires repayment of additional taxes with 1% monthly interest if exemption eligibility is lost.

Amends Section 53b to include Section 7yy exemption appeals in the December and July board of review meetings held for qualified errors and other specific exemption appeals.