HOUSE BILL No. 4448


     April 13, 1999, Introduced by Reps. Neumann, Prusi, Wojno, Woodward, Hale, Lockwood, Rivet, Pestka, Clarke, Schermesser and Bovin and referred to the Committee on Tax Policy.


        A bill to amend 1893 PA 206, entitled

   "The general property tax act,"

   (MCL 211.1 to 211.157) by adding section 7gg.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         SEC. 7GG.  (1) THE AMOUNT OF THE TAXABLE VALUE OF PROPERTY

 2    OWNED BY A PERSON WHO IS 65 YEARS OF AGE OR OLDER THAT IS GREATER

 3    THAN THE TAXABLE VALUE OF THAT PROPERTY AS OF THE EFFECTIVE DATE

 4    OF THE AMENDATORY ACT THAT ADDED THIS SECTION IS EXEMPT FROM THE

 5    COLLECTION OF TAXES UNDER THIS ACT UNTIL THERE IS A TRANSFER OF

 6    OWNERSHIP OF THAT PROPERTY.

 7         (2) UPON THE TRANSFER OF OWNERSHIP OF PROPERTY, A PORTION OF

 8    THE TAXABLE VALUE OF WHICH IS EXEMPT UNDER SUBSECTION (1), THE

 9    TAXABLE VALUE OF THE PROPERTY SHALL BE ADJUSTED PURSUANT TO

10    SECTION 27A(3).




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 1         (3) AS USED IN THIS SECTION, "TRANSFER OF OWNERSHIP" MEANS

 2    THAT TERM AS DEFINED IN SECTION 27A.




















































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