Property tax: exemptions; freeze of taxable value for primary residences of certain senior citizens; provide for. Amends 1893 PA 206 (MCL 211.1 - 211.155) by adding sec. 7zz.

SB 192 creates a partial property tax exemption for Michigan homeowners aged 63+ who have lived in their primary residence as their main home for at least 10 years, or homeowners of any age who have lived there continuously for 30 years. It applies to households with total gross income under $40,000 annually. The exemption amount equals the current taxable value minus a "base amount" established in the year the homeowner first qualifies. This bill directly affects low-income senior homeowners meeting specific residency and income criteria, freezing their tax burden relative to a base year value.