Michigan HB5872 modifies property tax assessments for transferred property.

Michigan HB5872 amends the property tax assessment rules for transferred property. It specifies conditions under which the taxable value of property is adjusted upon transfer, including transfers through wills, intestate succession, conservation easements, and certain nonprofit organizations. The bill also outlines exceptions to these adjustments, such as transfers between spouses or within affiliated groups. It mandates that property owners provide proof of eligibility for certain exemptions and imposes fines for non-compliance.

Michigan HB5872 modifies property tax assessments for transferred property.

Michigan HB5872 amends the property tax assessment rules for transferred property. It specifies conditions under which the taxable value of property is adjusted upon transfer, including transfers through wills, intestate succession, conservation easements, and certain nonprofit organizations. The bill also outlines exceptions to these adjustments, such as transfers between spouses or within affiliated groups. It mandates that property owners provide proof of eligibility for certain exemptions and imposes fines for non-compliance.