MI HB4052

Amends the General Property Tax Act to expand the definition of transfers that do not trigger a reassessment ("uncapping") of property's taxable value to include transfers of residential real property to sons-in-law or daughters-in-law of the transferor or transferor's spouse, effective December 31, 2014.

Specifies that the exemption for transfers to in-laws applies only to transfers occurring on or after the effective date of this amendatory act and does not apply retroactively to prior transfers to sons-in-law or daughters-in-law.

Makes technical corrections throughout the statute by replacing "shall" with "must," "shall be" with "is," and "herein stated" with "provided in this subdivision" for grammatical consistency.

Clarifies that residential real property transferred to qualifying family members (including newly added in-laws) must not be used for any commercial purpose following the transfer, with commercial purpose defined to exclude residential property rentals of less than 15 days per calendar year.

Maintains existing requirements that transferees must furnish proof within 30 days of meeting relationship and use requirements upon request by the department of treasury or assessor, subject to a $200 fine for non-compliance.