MI HB4330

Creates a new senior citizen property tax exemption allowing local assessing units to exempt principal residences of individuals aged 65 and older from property tax collection, subject to local income and asset requirements established by resolution.

Expands the existing poverty exemption under Section 7u to allow indefinite renewal of exemptions for individuals receiving fixed income from public assistance (such as Social Security or SSI) without annual reapplication, provided there is no change in ownership or occupancy.

Permits individuals with extended exemptions to skip annual reapplication but requires them to rescind the exemption within 45 days if ownership, occupancy, or income/asset eligibility changes, with violations subject to repayment of additional taxes plus 1% monthly interest.

Requires local assessing units that allow extended exemptions to develop and implement audit programs to verify continued eligibility, with ineligible properties subject to corrected or supplemental tax bills and interest accrual.

Updates Section 53b to authorize July and December board of review meetings to hear appeals under the new Section 7yy senior citizen exemption in addition to existing exemption appeals under Sections 7u, 7ee, and 7jj.