MI SB0175

Requires additional taxes, interest, and penalties to be levied if a property buyer, grantee, or transferee fails to notify the assessing office within 45 days of a property transfer, as required under section 27a(10).

Establishes differential penalties for unreported transfers: industrial and commercial properties with sale prices of $100,000,000 or less face $20 per day (max $1,000); those over $100,000,000 face a $20,000 flat penalty unless reasonable cause is established.

Imposes daily penalties for other property types: $5 per day up to $200 maximum for principal residences, or up to $4,000 for all other property.

Allows local tax collecting unit governing bodies to waive penalties by resolution and provides Michigan Tax Tribunal appeal rights for property owners regarding transfer status and arithmetic errors within 35 days of notice.

When property is subsequently transferred to a compliant buyer, liability for unpaid amounts becomes a personal debt of the original non-compliant transferee; state treasurer may collect these amounts and retain up to 20% as a collection fee.