Michigan HB4372 creates a specific tax on senior citizens' principal residences, replacing ad valorem property taxes.

Michigan HB4372, known as the "senior citizens principal residence specific tax act," introduces a new tax on properties owned and occupied by senior citizens as their principal residence. This tax replaces the ad valorem property taxes collected under the general property tax act. The tax amount is determined by multiplying the property's taxable value by 50% of the millage rate. The tax is collected and disbursed by local tax collecting officers and sent to the state tax commission. Unpaid taxes are subject to forfeiture, foreclosure, and sale.

Michigan HB4372 creates a specific tax on senior citizens' principal residences, replacing ad valorem property taxes.

Michigan HB4372, known as the "senior citizens principal residence specific tax act," introduces a new tax on properties owned and occupied by senior citizens as their principal residence. This tax replaces the ad valorem property taxes collected under the general property tax act. The tax amount is determined by multiplying the property's taxable value by 50% of the millage rate. The tax is collected and disbursed by local tax collecting officers and sent to the state tax commission. Unpaid taxes are subject to forfeiture, foreclosure, and sale.