Modifies property tax exemption for certain nonprofit housing property in Michigan.

The bill amends the Michigan Compiled Laws to modify the property tax exemption for certain nonprofit housing property. It specifies that the exemption for eligible nonprofit housing property, owned by a charitable nonprofit housing organization and intended to be transferred to a low-income person, continues for the lesser of 5 years or until the property is occupied by a low-income person under a lease agreement or transferred by the organization. For property that is not a residential building lot, the exemption continues for the lesser of 3 years or until the same conditions are met.

Modifies property tax exemption for certain nonprofit housing property in Michigan.

The bill amends the Michigan Compiled Laws to modify the property tax exemption for certain nonprofit housing property. It specifies that the exemption for eligible nonprofit housing property, owned by a charitable nonprofit housing organization and intended to be transferred to a low-income person, continues for the lesser of 5 years or until the property is occupied by a low-income person under a lease agreement or transferred by the organization. For property that is not a residential building lot, the exemption continues for the lesser of 3 years or until the same conditions are met.