Michigan HB6005 modifies the calculation of the Headlee rollback for property tax purposes.

Michigan HB6005 amends the calculation of the Headlee rollback for property tax purposes by adjusting the formula for determining the taxable value of property. This includes changes to how replacement construction, new construction, and omitted personal property are valued. The bill also modifies the method for calculating the millage reduction fraction, which affects the maximum tax rate a local government can levy. These changes aim to ensure a more accurate and fair assessment of property values for tax purposes.

Michigan HB6005 modifies the calculation of the Headlee rollback for property tax purposes.

Michigan HB6005 amends the calculation of the Headlee rollback for property tax purposes by adjusting the formula for determining the taxable value of property. This includes changes to how replacement construction, new construction, and omitted personal property are valued. The bill also modifies the method for calculating the millage reduction fraction, which affects the maximum tax rate a local government can levy. These changes aim to ensure a more accurate and fair assessment of property values for tax purposes.