02/04/2025
Senate Bill 42
Lead Sponsors: Senator Michelle Reynolds and Senator Hearcel Craig
Status: Introduced (January 28, 2025)
Description: The bill allows municipalities, limited home rule townships, and counties to create "residential stability zones," an area where, if homeowners meet criteria, a percentage of increases in assessed value will be exempt from property taxation (including the manufactured home tax). The criteria are set by the local government creating the area and must include the following three elements:
- A limitation on household income to at most 80% of the area's median income relative to the metropolitan statistical area (or, if not in an MSA, the county). The resolution can set the percentage lower than 80% but may not set it above 80%.
- A minimum period of ownership or occupancy of at least one year. The resolution may require a longer period of ownership or occupancy.
- An asset limitation for the household, whereby the ownership of assets, including savings and checking accounts, stocks, bonds, trusts, and other assets, may exclude a household that would otherwise be eligible under the other criteria.
CCAO Position: No position (as of January 2025)