Property tax: assessments; taxable value of transferred property; modify. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).

This bill amends Michigan's general property tax act, focusing on how property taxable value is determined and adjusted. It clarifies what constitutes a "transfer of ownership" for property tax purposes, including various types of conveyances like deeds, land contracts, and transfers to or from trusts, as well as certain changes in ownership interests in legal entities. The bill also specifies exceptions to what is considered a transfer of ownership, such as transfers between spouses or certain family members for residential property, and outlines procedures for correcting taxable values if an assessor determines a transfer of ownership did not occur.

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