Michigan HB6003 imposes a surcharge on non-owner-occupied residential properties valued at $1,000,000 or more.

Michigan HB6003, known as the "deluxe second home surcharge act," imposes an annual surcharge on non-owner-occupied residential properties with a true cash value of $1,000,000 or more. The surcharge rate varies based on the property's value, ranging from 2% to 5% of the difference between the property's value and $1,000,000. The surcharge is in addition to other taxes and charges. Funds collected from the surcharge are deposited into a reimbursement fund and used to compensate the state school aid fund and municipalities for revenue lost due to certain property tax exemptions and expansions.

Michigan HB6003 imposes a surcharge on non-owner-occupied residential properties valued at $1,000,000 or more.

Michigan HB6003, known as the "deluxe second home surcharge act," imposes an annual surcharge on non-owner-occupied residential properties with a true cash value of $1,000,000 or more. The surcharge rate varies based on the property's value, ranging from 2% to 5% of the difference between the property's value and $1,000,000. The surcharge is in addition to other taxes and charges. Funds collected from the surcharge are deposited into a reimbursement fund and used to compensate the state school aid fund and municipalities for revenue lost due to certain property tax exemptions and expansions.