Michigan SB0292 proposes a property tax exemption for principal residences of individuals aged 70 and older.
Michigan SB0292 amends the property tax law to exempt the principal residence of individuals aged 70 and older from property taxes, effective after December 31, 2025. To qualify, individuals must own and occupy the property as their principal residence and file a claim with the local assessing unit. The exemption remains in effect as long as the individual continues to own and occupy the property. The bill also intends for the state to compensate local governments for any revenue loss resulting from this exemption.
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