MI SB0330

Exemptions granted under section 7b for taxes levied on or after January 1, 2025 remain in effect indefinitely without requiring reapplication until rescinded by the individual or denied by the assessor.

Property owners must file a rescission form with the local assessing unit within 45 days if they cease using the property as a homestead or no longer qualify for the exemption.

Local assessing units must implement an audit program to verify exemption eligibility, with audits limited to once every 3 years unless there is reasonable belief the property is ineligible.

Assessors may deny exemption claims for the current year and up to 3 preceding calendar years, with corrected or supplemental tax bills issued including interest at 1% per month from the original due date.

This act takes immediate effect but only becomes law if Senate Bill No. 176 of the 102nd Legislature is also enacted.