Michigan SB0192 proposes a property tax exemption for primary residences of certain senior citizens.

Michigan SB0192 amends the Michigan Compiled Laws to introduce a property tax exemption for primary residences of certain senior citizens. This exemption applies to individuals who are at least 63 years old and have lived in the property for at least 10 years, or those who have lived there for at least 30 years, provided their total household income does not exceed $40,000. The exemption amount is calculated based on the property's taxable value. The Department of Treasury will implement this exemption through rules under the Administrative Procedures Act of 1969.

Michigan SB0192 proposes a property tax exemption for primary residences of certain senior citizens.

Michigan SB0192 amends the Michigan Compiled Laws to introduce a property tax exemption for primary residences of certain senior citizens. This exemption applies to individuals who are at least 63 years old and have lived in the property for at least 10 years, or those who have lived there for at least 30 years, provided their total household income does not exceed $40,000. The exemption amount is calculated based on the property's taxable value. The Department of Treasury will implement this exemption through rules under the Administrative Procedures Act of 1969.