2008 Senate Bill 1232

Allow senior home trade-down tax break

Introduced in the Senate

March 25, 2008

Introduced by Sen. Gilda Jacobs (D-14)

To exempt a senior citizen who sells a Michigan home and purchases a less expensive home from the Proposal A taxable value “pop up,” where the basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped taxable value of the previous owner.

Referred to the Committee on Finance