HOUSE BILL No. 4921


     June 7, 2001, Introduced by Reps. Rivet, Neumann, Bernero, Bovin and Lemmons 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:

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

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

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      TOTALLY AND PERMANENTLY DISABLED THAT IS GREATER THAN THE TAXABLE

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      VALUE OF THAT PROPERTY AS OF THE EFFECTIVE DATE OF THE AMENDATORY

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      ACT THAT ADDED THIS SECTION IS EXEMPT FROM THE COLLECTION OF

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      TAXES UNDER THIS ACT UNTIL THERE IS A TRANSFER OF OWNERSHIP OF

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      THAT PROPERTY.

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

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

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      TAXABLE VALUE OF THE PROPERTY SHALL BE ADJUSTED PURSUANT TO

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      SECTION 27A(3).


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           (3) AS USED IN THIS SECTION:

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           (A) "TOTALLY AND PERMANENTLY DISABLED" MEANS THAT TERM AS

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      DEFINED IN SECTION 522 OF THE INCOME TAX ACT OF 1967, 1967 PA

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      281, MCL 206.522.

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           (B) "TRANSFER OF OWNERSHIP" MEANS THAT TERM AS DEFINED IN

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      SECTION 27A.












































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