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MI HB6293

Bill

Status

Introduced

6/30/2022

Primary Sponsor

Jeffrey Yaroch

Click for details

Origin

House of Representatives

101st Legislature

AI Summary

  • Amends Michigan's Seller Disclosure Act to modify the required seller's disclosure statement form used in property sales.

  • Changes grammatical language throughout the form, including replacing "shall" with "must" and "is required to" with "shall" in various sections.

  • Requires disclosure statement to include estimated annual real property taxes based on current state equalized value and current applicable millage rates, without reduction for taxable value limitations.

  • Adds buyer advisory language explaining that future tax bills may differ significantly from seller's current bills under Michigan law, and directs buyers to contact local assessor's office for tax information.

  • Allows seller disclosure forms printed before the effective date to be used for 90 days after the amendment takes effect.

Legislative Description

Property: land sales; seller disclosure statement; require to reflect yearly property taxes based on current assessed value of property. Amends sec. 7 of 1993 PA 92 (MCL 565.957).

Property tax: assessments

Last Action

Bill Electronically Reproduced 06/30/2022

7/20/2022

Committee Referrals

Commerce And Tourism6/30/2022

Full Bill Text

No bill text available