Michigan HB4209 modifies requirements for initial assessed value in downtown development authorities.

Michigan HB4209 amends the definition of "initial assessed value" for downtown development authorities. The bill specifies that the initial assessed value is the assessed value of all taxable property within the development area at the time when the ordinance establishing the tax increment financing plan is approved. It also details conditions under which certain obligations and revenues are considered tax increment revenues, including specific local taxes and ad valorem property taxes. The bill affects municipalities and authorities involved in downtown development programs.

Michigan HB4209 modifies requirements for initial assessed value in downtown development authorities.

Michigan HB4209 amends the definition of "initial assessed value" for downtown development authorities. The bill specifies that the initial assessed value is the assessed value of all taxable property within the development area at the time when the ordinance establishing the tax increment financing plan is approved. It also details conditions under which certain obligations and revenues are considered tax increment revenues, including specific local taxes and ad valorem property taxes. The bill affects municipalities and authorities involved in downtown development programs.