The bill amends the General Property Tax Act 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, which must make a determination within 60 days of receiving the application. The exemption is effective from December 31 of the year the exemption is approved. The bill also clarifies the duration of the exemption, stating that it can last for up to five years for residential building lots or three years for other types of eligible nonprofit housing properties, contingent upon occupancy by an income-eligible person or transfer of ownership.

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 prior provisions. Overall, the amendments aim to streamline the process for tax exemptions for nonprofit housing organizations while expanding eligibility criteria for potential beneficiaries.

Statutes affected:
Senate Introduced Bill: 211.7