MI HB4014

Expands the exemption from property tax "uncapping" (resetting taxable value to state equalized value) when residential property is transferred to family members by adding grandmothers and grandfathers to the list of qualifying relatives

Clarifies that transfers to a family member and their spouse made on or after December 31, 2021 qualify for the exemption from taxable value uncapping, retroactively applying this protection to such transfers

Extends the family transfer exemption to apply when property passes through a trust where the sole beneficiaries are qualifying family members (mother, father, siblings, children, grandchildren, grandparents)

Applies to transfers upon expiration of a life estate or life lease when the property passes to qualifying family members or to trusts benefiting those family members

Imposes a $200 fine on transferees or trust beneficiaries who fail to provide proof of eligibility within 30 days when requested by the Department of Treasury or assessor