Budget & Taxes

HB 4014 exempts certain family transfers of residential property from a rule that normally resets property taxes to current market value after a sale or transfer. It specifically applies when property is transferred to close family members (such as parents, children, or siblings) through trusts, wills, or inheritances, provided the property isn't used commercially afterward. To qualify, beneficiaries must provide proof of their relationship within 30 days, or face a $200 fine. The bill modifies Michigan’s property tax law to prevent "taxable value" adjustments that would otherwise increase annual property tax bills significantly for these transfers.

HB 4162 allocates $17.77 billion in state and federal funds for Michigan's K-12 public schools for the 2025-2026 fiscal year, primarily from the state school aid fund and other designated trust funds. It sets a new target per-student funding level of $10,025 and establishes a formula to calculate each school district's foundation allowance based on the previous year's funding, inflation (using the Consumer Price Index), and the target amount. School districts with funding below the target receive adjusted increases, while those above the target see smaller raises tied to inflation. The bill directly affects all public school districts by determining their state funding allocation through this updated formula.