MI HB4041

Allows local assessing units to permit principal residence poverty tax exemptions to continue in subsequent tax years without requiring annual reapplication, provided there is no change in ownership or occupancy status

Applies to homeowners who receive fixed income solely from public assistance not subject to significant annual increases beyond inflation, such as federal Supplemental Security Income or Social Security disability/retirement benefits

Removes previous restrictions that limited the extended exemption provision to specific tax years (2019-2023), making the exemption continuation permanent

Requires recipients to file an affidavit rescinding the exemption within 45 days if they cease to own/occupy the residence or experience income/asset changes that disqualify them

Imposes penalties including repayment of taxes plus 1% monthly interest if a person fails to report ineligibility and the property is later found to no longer qualify for the exemption