Property tax: assessments; transfer of ownership of certain real property to certain individuals; exempt from uncapping of taxable value upon transfer. Amends sec. 27a of 1893 PA 206 (MCL 211.27a).

Added detailed definition of 'transfer of ownership' to include conveyances by land contract, trust distributions, wills, intestate succession, long-term leases over 35 years, and corporate ownership interest transfers exceeding 50%.

Created new exemptions for transfers between spouses, transfers to close family members (parents, siblings, children, grandchildren) for residential property, and transfers involving conservation easements or qualified agricultural/forest property.

Added notification requirements for property owners and assessors, including 45-day notification deadlines for ownership transfers and affidavit requirements for agricultural and forest property transfers.

Added $200 fine provisions for beneficiaries who fail to provide proof of qualifying family relationships within 30 days when requested by tax authorities.

Established December 31, 2014 as a key date for when many new transfer exemptions and requirements begin applying to residential property and trust distributions.

Added provisions for separate tax parcel establishment when agricultural property ceases to qualify, and clarified that certain transfers do not trigger taxable value adjustments.