Michigan HB4014 exempts certain transfers of real property from uncapping of taxable value.

Michigan HB4014 amends the property tax assessment law to exempt certain transfers of real property from uncapping of taxable value. Specifically, transfers of residential real property to certain family members and transfers of land under conservation easements or intestate succession are exempt. The bill also outlines conditions for transfers that do not trigger uncapping, such as transfers between spouses or transfers of ownership interests in legal entities. Non-compliance with proof requests can result in a $200 fine.

Michigan HB4014 exempts certain transfers of real property from uncapping of taxable value.

Michigan HB4014 amends the property tax assessment law to exempt certain transfers of real property from uncapping of taxable value. Specifically, transfers of residential real property to certain family members and transfers of land under conservation easements or intestate succession are exempt. The bill also outlines conditions for transfers that do not trigger uncapping, such as transfers between spouses or transfers of ownership interests in legal entities. Non-compliance with proof requests can result in a $200 fine.