MI SB0409

Increases homestead exemption from $30,000 to $125,000 ($45,000 to $200,000 for debtors age 65+ or disabled).

Raises exemption limits for household goods from $3,000 to $5,000, farm property from $2,000 to $10,000, motor vehicles from $2,775 to $15,000, computers from $500 to $5,000, and professional tools from $2,000 to $10,000.

Removes $500 value cap on religious seat/pew exemptions and adds companion animals and service animals to household pet exemptions without specified value limit.

Adds new exemptions for crime victim payments, means-tested public assistance benefits, unemployment compensation, earned income tax credits, disability benefits, and worker's compensation received within previous 18 months.

Establishes separate adjustment mechanism for homestead exemptions based on home price index (separate from general Consumer Price Index adjustments for other exemptions).