Bill > SB0192

This bill proposes a new property tax exemption for certain senior citizens and long-term homeowners in Michigan. The exemption, which would apply to taxes levied after December 31, 2025, allows eligible individuals to partially exempt their primary residence from property taxes if they meet specific criteria. To qualify, the homeowner must either be at least 63 years old and have lived in the property for at least 10 consecutive years, or have used the property as their primary residence for at least 30 consecutive years. Additionally, the household's total gross income must not exceed $40,000 per year. The exemption amount is calculated by subtracting a "base amount" (the property's taxable value in the first year of qualification) from the current year's taxable value. If married individuals maintain separate residences, only one can claim the exemption. The bill also requires the Department of Treasury to create rules for implementing the exemption and provides definitions for key terms like "gross income," "taxable value," and "base year." This legislation aims to provide financial relief for long-standing homeowners, particularly seniors, by helping them manage property tax burdens.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0192