MI SB0442

Expands eligibility for property tax exemptions on nonprofit housing properties by raising the income threshold for recipients from 80% to 120% of statewide median gross income

Replaces the term "low-income person" with "income-eligible person" throughout the statute to reflect the expanded income eligibility

Maintains existing exemption periods: up to 5 years for residential building lots and up to 3 years for existing structures, ending when the property is occupied under a lease or transferred

Requires charitable nonprofit housing organizations to apply to the State Tax Commission for the exemption, with decisions made within 60 days of application

Removes outdated provisions from before December 31, 2014 that previously required local governing bodies to adopt resolutions for the exemption