MI HB6467

Allows qualified claimants who own residential improvements on community land trust property and receive an income tax credit under MCL 206.518 to defer property tax payments until the state remits the credit amount directly to the local tax collecting unit.

Requires claimants electing to defer payment to file an affidavit with the local tax collecting unit containing the owner's name, property address, community land trust name and address, and other information the Department of Treasury deems necessary.

Local tax collecting units must defer collecting property taxes on the residential improvements and underlying real property in the designated tax year until state payment is received, with the state required to remit funds by December 15 of that tax year.

Deferred property taxes are not subject to penalties or interest during the deferment period; any unpaid balance after state payment remains collectible from the claimant under standard property tax collection procedures.

Local tax collecting units must notify the qualified claimant in writing of the state's payment amount, any remaining unpaid balance, and the deadline for payment before penalties or interest apply.