MI SB0819

Clarifies that interspousal transfers of ownership interests in legal entities (such as LLCs, corporations, or partnerships) do not trigger a property tax "pop-up" reassessment to current market value, regardless of the percentage transferred.

Extends the same exemption to distributions of ownership interests in legal entities from a decedent to a surviving spouse under wills or intestate succession.

Amends Section 27a of the General Property Tax Act (MCL 211.27a), which governs when taxable value resets to state equalized value following a transfer of ownership.

Declares the amendment curative and intended to correct what the legislature characterizes as a misinterpretation in the Court of Appeals decision FCB Associates, LLC v. City of Ann Arbor (No. 366685).

Expresses that the amendment reflects the original legislative intent regarding how property tax uncapping rules apply to interspousal transfers involving legal entity ownership interests.