MI HB5225

Increases the household income limit for summer property tax deferment eligibility from $40,000 to $60,000 for taxes levied after December 31, 2026

Eligible residents include those 62 years or older, totally and permanently disabled persons, blind persons, paraplegics, quadriplegics, eligible servicepersons, eligible veterans, and eligible widows or widowers

Requires the state treasurer to adjust the $60,000 income threshold every 5 years starting December 31, 2031, based on cumulative changes in the Consumer Price Index, rounded to the nearest $1,000

Summer property tax deferment allows eligible homeowners to delay payment of summer property taxes until February 15 of the following year without penalty or interest

Applies to principal residences and certain agricultural properties meeting specific gross receipts requirements