MI HB5134

Exempts property owned and occupied as a principal residence by senior citizens (age 65+) from ad valorem property taxes beginning with taxes levied after December 31, 2023.

Levies a specific tax on senior citizen principal residences equal to 50% of the mills that would be assessed if the property were subject to general property tax and exempt under section 7cc.

Requires local tax assessors to determine annually the value and taxable value of senior citizen principal residences as of December 31.

Directs collecting officers to disburse the senior citizen specific tax to the state and taxing units (cities, townships, villages, school districts, counties, etc.) at the same times and proportions as regular property tax disbursements.

Makes unpaid senior citizen specific taxes subject to forfeiture, foreclosure, and sale under the same procedures as delinquent taxes under the general property tax act.