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HB 4014 - Amends the General Property Tax Act to Exempt the Transfer of Real Property from Upward Increases in Taxable Value if it is Transferred to Certain Individuals - Michigan Key Vote

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Title: Amends the General Property Tax Act to Exempt the Transfer of Real Property from Upward Increases in Taxable Value if it is Transferred to Certain Individuals

Vote Smart's Synopsis:

Vote to pass a bill that would amend the General Property Tax Act to exempt the transfer of real property from upward increases in taxable value if it was transferred to certain family members or trusts.

Highlights:

  • Establishes that the family members' spouses can be considered for the limits on property tax increase when property is being passed down from another family member (Sec. 27a).

  • Specifies that the provisions of this bill shall take effect immediately upon passage and approval by the Governor (Sec. 27a).

Full Bill Text

Title: Amends the General Property Tax Act to Exempt the Transfer of Real Property from Upward Increases in Taxable Value if it is Transferred to Certain Individuals

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