Introduced
by
To exempt sales of homes in Detroit to first-time homeowners from the higher property taxes caused by the taxable value “bump-up.” The “bump up” is where the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner, which is lower.
Referred to the Committee on Commerce
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
