What is one type of property that is exempt from taxation under the Michigan General Property Tax Act?

Household goods are exempt from taxation under the Michigan General Property Tax Act. This exemption is designed to alleviate the tax burden on residents by excluding personal items that are considered necessary for daily living. The rationale behind this exemption is to ensure that individuals are not taxed on their essential household items, making it easier for families to manage their finances.

The other types of property listed, such as automobiles, commercial real estate, and undeveloped land, do not have the same level of exemption under the Act. Automobiles are typically treated as taxable personal property, while commercial real estate and undeveloped land are considered taxable real property. Thus, household goods stand out as an exempt category, reflecting the intention of the law to support resident tax relief.