MI HB6555

Expands homestead property tax exemption eligibility to include surviving spouses of disabled veterans who were eligible for the exemption at the time of death, provided the surviving spouse does not remarry.

Creates two filing options for claiming the exemption: annual single-year filings or continuous filings that remain in effect until rescinded.

Requires individuals claiming continuous exemptions to rescind the exemption within 45 days of ceasing to own/occupy the property or no longer meeting qualification criteria.

Establishes that local assessing units must develop and implement audit programs to verify ongoing eligibility for continuous exemptions and notify individuals of any rescissions with appeal rights to the tax tribunal.

Sets interest rate at 1% per month on additional taxes owed if an exemption is rescinded, with corrected or supplemental tax bills issued within 30 days of rescission.