A bill to amend 1893 PA 206, entitled “The general property tax act,” by amending section 27 (MCL 211.27), as amended by 2022 PA 240.
This bill seeks to redefine "true cash value" in property assessments to mirror the usual selling price under normal conditions, explicitly excluding forced or auction sales. It mandates the consideration of factors such as location, soil quality, zoning, and current use in determining true cash value. Importantly, it states that value increases from normal repairs, maintenance, or replacements should not affect property assessments until a sale occurs, specifically for residential properties.
Co-sponsored by Reps.
Referred to the Committee on Tax Policy
