Amends obsolete property tax exemption for rehabilitated facilities in Michigan.

This bill amends the obsolete property tax exemption for rehabilitated facilities in Michigan. It allows a local tax collecting unit to exempt a rehabilitated facility of a qualified start-up business from the obsolete property tax. The exemption lasts for up to 5 years, but can be applied in nonconsecutive years. The obsolete property tax is paid to the state school aid fund instead of local school districts. The bill also exempts rehabilitated facilities in renaissance zones or HOPE zones from the obsolete property tax, except for special assessments or certain taxes.

Amends obsolete property tax exemption for rehabilitated facilities in Michigan.

This bill amends the obsolete property tax exemption for rehabilitated facilities in Michigan. It allows a local tax collecting unit to exempt a rehabilitated facility of a qualified start-up business from the obsolete property tax. The exemption lasts for up to 5 years, but can be applied in nonconsecutive years. The obsolete property tax is paid to the state school aid fund instead of local school districts. The bill also exempts rehabilitated facilities in renaissance zones or HOPE zones from the obsolete property tax, except for special assessments or certain taxes.