Michigan HB5856 amends property tax exemptions for HOPE and Renaissance zones.
Michigan HB5856 amends the property tax exemptions for HOPE and Renaissance zones. It specifies that commercial property in a HOPE zone is exempt from taxes, except for special assessments, ad valorem property taxes, and certain school taxes. Personal property in a HOPE zone is exempt if it has been there for at least 50% of the preceding tax year. For Renaissance zones, real and personal property are exempt, except for casinos and data centers. Personal property in a Renaissance zone is exempt if it has been there for at least 50% of the preceding tax year.
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