The bill amends the General Property Tax Act of 1893, specifically sections 27a and 53b, to enhance the clarity and requirements surrounding property assessment and ownership transfer. It changes the language from "shall" to "must," reinforcing the obligation to assess property at 50% of its true cash value. The bill also clarifies the notification process for local tax collecting units regarding ownership changes and mandates the issuance of corrected tax bills for affected tax years. New definitions and conditions for what constitutes a transfer of ownership are introduced, including exemptions for transfers between spouses or family members under certain conditions, and penalties for non-compliance with requests from the Department of Treasury regarding trust beneficiary status.

Additionally, the bill addresses errors related to personal property tax exemptions, specifying how taxpayer errors and local tax collecting unit errors in processing exemption claims will be handled. It removes language that previously included errors in the denial of claims for exemptions under section 9o. The bill also outlines specific errors related to exemptions under section 7b, including those made by local tax collecting units and delays in determinations by the U.S. Department of Veterans Affairs. For the 2023 tax year, it allows for a denial by the board of review of certain exemptions and establishes a process for filing claims for exemptions for the preceding tax year, requiring supporting documentation for eligibility. Overall, the amendments aim to streamline property tax assessments and clarify the responsibilities of property owners and local authorities.

Statutes affected:
House Introduced Bill: 211.27, 211.53