MI HB4372

Exempts principal residences owned and occupied by senior citizens (age 65+) from ad valorem property taxes for taxes levied after December 31, 2025

Levies a replacement "senior citizens principal residence specific tax" equal to 50% of what would normally be assessed if the property qualified for the standard homestead exemption

Requires local assessors to annually determine the value and taxable value of qualifying senior citizen properties as of December 31

Specific tax payments follow the same schedule and collection process as regular property taxes, with revenues distributed proportionally to state and local taxing units

Unpaid specific taxes are subject to the same forfeiture, foreclosure, and sale procedures as delinquent general property taxes; act is contingent on passage of HB 4379