Partial property tax exemption for qualified principal residences upon transfer of ownership in Michigan.
Michigan HB5996 amends the property tax law to provide a partial exemption for qualified principal residences upon transfer of ownership. The exemption reduces the taxable value by 33% in the second year following the transfer. A qualified principal residence is exempt if it is a principal residence and its taxable value is more than 20% greater than it would have been without the transfer. The exemption takes effect 180 days after the bill is enacted, contingent on the enactment of House Bill No. 6005.
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