Recording and taxation of real property containing a building, improvement, or fixture and consisting of no land. (FE)

What it would have done

Summary by the Legislative Reference Bureau, the Legislature's nonpartisan drafting office. It's their wording, not ours.

This bill makes changes regarding certain property tax assessment and real estate transaction procedures where a building, improvement, or fixture, but not the underlying land, is leased to a person other than the landowner or where a building, improvement, or fixture is owned by a person other than the person who owns the underlying land. In such situations, the bill requires the local assessor or real property lister to create a separate tax parcel for property tax purposes for the building, improvement, or fixture. The bill also requires property tax assessment rolls to contain descriptions of parcels that are based on the latest records of the office of the register of deeds, and authorizes real property listers to enter those descriptions on assessment rolls.

Additionally, under the bill, transactions involving an interest in a building, improvement, or fixture but not the underlying land or certain manufactured or mobile homes are generally invalid unless evidenced by a conveyance that satisfies the requirements existing under current law for transactions involving an interest in land. Current law requires that for a transaction involving an interest in land to be valid, the transaction must be evidenced by a conveyance that, among other things, identifies the parties, land, and the interest conveyed and that is signed by the grantor. Also, under the bill, a register of deeds must record in the county real estate records index declarations of ownership interest, and conveyances of such interests, in parcels containing a building, improvement, or fixture and that consist of no land or parcels consisting of certain manufactured and mobile homes not subject to a municipal permit fee. The bill authorizes real property listers to verify, before recording, the accuracy of such declarations presented to the register of deeds for recording.

Who's behind it

3 representatives are its authors⁠. All 3 are Republicans.

3 more lawmakers signed on in support⁠.

What it would cost

State agencies filed a cost estimate. Each opens as a PDF from the Legislature.

• Fiscal Estimate From DOR

Versions and amendments

Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.

• Amendment Histories
• LC Amendment Memo