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.

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.