Not really. If you buy a house, the taxable value on it is similar to what it would be if that law didn't exist. If you stay in your house, your taxes remain pretty low.
The purpose of the law (enacted by a vote of the people in 1994) was to equalize school funding in rich and poor districts alike. It was also pitched a way to reduce property taxes, which were much higher in Michigan than in other states.
The state put out a report on the success of the measure in 2002. It was more successful at controlling property taxes than at equalizing school revenue. The rich districts found ways to raise more money than the poor districts, as you might expect.