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2015 House Bill 4930: Exempt family’s life estate property from assessment “bump up”

Public Act 243 of 2015

Introduced by Rep. Aric Nesbitt R-Lawton on September 30, 2015
To exempt from the taxable value “pop up,” the transfer of a “life estate” interest in a principle residence from the owner to family members. This is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s new basis for tax assessments the state equalized value (market value), rather than the (lower) “taxable value” of the previous owner, growth of which is restricted by law.   Official Text and Analysis.
Referred to the House Tax Policy Committee on September 30, 2015
Reported in the House on November 4, 2015
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Received in the Senate on December 1, 2015
Referred to the Senate Finance Committee on December 1, 2015
Reported in the Senate on December 10, 2015
With the recommendation that the bill pass.
Amendment offered by Sen. David Knezek D-Dearborn Heights on December 15, 2015
To require the legislature to appropriate money from other sources to make up any foregone school aid fund revenue caused by the bill.
The amendment failed 17 to 21 in the Senate on December 15, 2015.
    See Who Voted "Yes" and Who Voted "No".
Received in the House on December 15, 2015
Signed by Gov. Rick Snyder on December 22, 2015