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MI HB5419

Bill

Official Source

Status

Introduced

2/1/2024

Primary Sponsor

Bill Schuette

Click for details

Origin

House of Representatives

102nd Legislature

AI Summary

  • Increases the household income eligibility cap for special assessment deferment from $10,000 to $29,619 for determinations made after the amendatory act's effective date
  • Replaces the previous Consumer Price Index adjustment formula with a new method where the state treasurer adjusts the income cap annually based on cumulative Consumer Price Index changes for the Detroit area
  • Requires mortgagees or land contract vendors to acknowledge in writing that the state's lien on the homestead is a first lien that takes priority over their interest
  • Makes technical corrections to statutory language, changing "shall" to "must" and updating references to the income tax act
  • Bill takes effect only if Senate Bill No. ____ or House Bill No. 5420 is enacted into law

Legislative Description

Property tax: special assessments; income eligibility cap for special assessment deferment program; modify. Amends secs. 3 & 4 of 1976 PA 225 (MCL 211.763 & 211.764).

Property tax: special assessments

Last Action

Bill Electronically Reproduced 02/01/2024

2/6/2024

Committee Referrals

Tax Policy2/1/2024

Full Bill Text

No bill text available