Introduced by Rep. Larry Inman R-Grand Traverse County on January 16, 2019
To establish that property transferred by a partnership are exempt to individuals who are all closely related and have been partners for the entire duration of the partnership, are exempt from the taxable value “bump up,” wherein the new basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped “taxable value” of the previous owner. Official Text and Analysis.
Referred to the House Local Government and Municipal Finance Committee on January 16, 2019
Reported in the House on May 1, 2019
Refer to the Committee on Ways and Means.
Referred to the House Ways and Means Committee on May 1, 2019