Bill Text: MI SJRH | 2009-2010 | 95th Legislature | Engrossed
Bill Title: Property tax; assessments; taxable value; limit increase when market value decreases. Amends sec. 3, art. IX of the state constitution.
Spectrum: Moderate Partisan Bill (Republican 16-4)
Status: (Passed) 2009-03-18 - Referred To Committee On Tax Policy [SJRH Detail]
Download: Michigan-2009-SJRH-Engrossed.html
SJR-H, As Passed Senate, March 18, 2009
SUBSTITUTE FOR
SENATE JOINT RESOLUTION H
A joint resolution proposing an amendment to the state
constitution of 1963, by amending section 3 of article IX, to limit
the increase in taxable value of real property under certain
circumstances.
Resolved by the Senate and House of Representatives of the
state of Michigan, That the following amendment to the state
constitution of 1963, to limit the increase in taxable value of
real property under certain circumstances, is proposed, agreed to,
and submitted to the people of the state:
ARTICLE IX
Sec. 3. The legislature shall provide for the uniform general
ad valorem taxation of real and tangible personal property not
exempt by law except for taxes levied for school operating
purposes. The legislature shall provide for the determination of
true cash value of such property; the proportion of true cash value
at which such property shall be uniformly assessed, which shall
not, after January 1, 1966, exceed 50 percent; and for a system of
equalization of assessments. For taxes levied in 1995 and each year
thereafter, the legislature shall provide that the taxable value of
each parcel of property adjusted for additions and losses, shall
not increase each year by more than the increase in the immediately
preceding year in the general price level, as defined in section 33
of this article, or 5 percent, whichever is less until ownership of
the parcel of property is transferred. However, for taxes levied
after 2009, the legislature shall provide that if a property's
assessed value has decreased, adjusted for additions and losses,
the property's taxable value in the immediately succeeding year
shall be the lesser of the property's taxable value in the
immediately preceding year or the property's assessed value. When
ownership of the parcel of property is transferred as defined by
law, the parcel shall be assessed at the applicable proportion of
current true cash value. The legislature may provide for
alternative means of taxation of designated real and tangible
personal property in lieu of general ad valorem taxation. Every tax
other than the general ad valorem property tax shall be uniform
upon the class or classes on which it operates. A law that
increases the statutory limits in effect as of February 1, 1994 on
the maximum amount of ad valorem property taxes that may be levied
for school district operating purposes requires the approval of 3/4
of the members elected to and serving in the Senate and in the
House of Representatives.
Resolved further, That the foregoing amendment shall be
submitted to the people of the state at the next general election
in the manner provided by law.
