MI SB1021

Creates a new property tax exemption for primary residences owned by individuals meeting specific age and residency requirements, effective for taxes levied after December 31, 2021.

Qualifies individuals who are at least 63 years old and have continuously used the property as their primary residence for at least 10 years, or individuals who have continuously used the property as primary residence for at least 30 years.

Limits eligibility to owners with total gross household income not exceeding $40,000 per year.

Calculates exemption as the difference between the current taxable value and a "base amount" (the original taxable value adjusted for property improvements and losses).

Requires the Department of Treasury to promulgate administrative rules implementing the exemption under the Administrative Procedures Act.