Property tax: assessments; the effect of certain limitations on the use of property, such as a restriction or easement in a deed, will, or other instrument; clarify relevance when assessing true cash value. Amends sec. 27 of 1893 PA 206 (MCL 211.27).

SB 1125 clarifies how Michigan assessors calculate property taxes by specifying which factors must be considered when determining a property's true cash value. The bill explicitly requires assessors to account for limitations on land use, such as conservation easements, and outlines specific maintenance tasks like roof repairs or furnace replacements that should not increase a property's assessed value until it is sold. Additionally, the law instructs local officials to exclude certain costs, such as financing fees and survey expenses, from sales data used to set tax rates. These changes aim to standardize the assessment process for residential, agricultural, and utility properties while ensuring that routine upkeep does not lead to higher tax bills for homeowners.