A bill to amend 1893 PA 206, entitled “The general property tax act,” by amending section 27a (MCL 211.27a), as amended by 2016 PA 375.
This bill aims to ensure property assessments are made at 50% of true cash value, in line with the state constitution, and sets forth guidelines for calculating taxable value, prioritizing the lower of inflation rates or state equalized valuation. It details the procedure for adjusting taxable values following property ownership transfers, including a provision for correcting misjudged transfers within a three-year window.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
