The bill amends the General Property Tax Act of 1893, specifically section 7kk, to update the provisions regarding tax exemptions for eligible nonprofit housing properties. It introduces new language that allows charitable nonprofit housing organizations to apply for tax exemptions from the state tax commission, effective from December 31 in the year the exemption is approved. The bill also clarifies the duration of these exemptions, stating that they will last for either five years or until the property is occupied by an income-eligible person or transferred by the organization, whichever comes first.

Additionally, the bill modifies definitions within the act, replacing the term "low-income person" with "income-eligible person" and adjusting the income threshold from 80% to 120% of the statewide median gross income. It also specifies that the exemption must be reduced by the number of years the property was previously exempt under the old provisions before December 31, 2014. Overall, these changes aim to streamline the process for nonprofit housing organizations to receive tax exemptions while ensuring that the properties serve income-eligible individuals.

Statutes affected:
Senate Introduced Bill: 211.7