Michigan HJRT — Eliminates uncapping of taxable value for transfers of principal residences.

Michigan HJRT amends the state constitution to eliminate the uncapping of taxable value for certain transfers of property owned and used as a principal residence. This means that when such property is transferred, its taxable value will no longer be adjusted to the current true cash value. Instead, the taxable value will continue to be subject to the existing cap until the property is no longer used as a principal residence. This change applies to transfers occurring after December 31, 2025.

Michigan HJRT — Eliminates uncapping of taxable value for transfers of principal residences.

Michigan HJRT amends the state constitution to eliminate the uncapping of taxable value for certain transfers of property owned and used as a principal residence. This means that when such property is transferred, its taxable value will no longer be adjusted to the current true cash value. Instead, the taxable value will continue to be subject to the existing cap until the property is no longer used as a principal residence. This change applies to transfers occurring after December 31, 2025.