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MI SB1125
Bill
AI Summary
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Requires assessors to consider limitations on property use including restrictions, easements, covenants, conditions in deeds, wills, or other instruments when determining true cash value for property tax assessment purposes.
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Specifically includes conservation easements under the Natural Resources and Environmental Protection Act as a factor assessors must consider when evaluating property value.
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Clarifies that assessors may consider advantages and disadvantages of location, zoning, existing use, soil quality, and other factors already listed in statute, with the addition of deed-based use limitations.
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Makes conforming changes to terminology regarding nonprofit housing cooperatives in subsection (5).
Legislative Description
Property tax: assessments; the effect of certain limitations on the use of property, such as a restriction or easement in a deed, will, or other instrument; clarify relevance when assessing true cash value. Amends sec. 27 of 1893 PA 206 (MCL 211.27).
Property tax: assessments
Last Action
Referred To Committee On Finance, Insurance, And Consumer Protection
11/14/2024