Michigan HB5865 amends tax laws to exempt certain properties from specific taxes and outlines their disbursement.
Michigan HB5865 amends the Michigan Property Tax Act to exempt eligible tax reverted property in renaissance zones or HOPE zones from the specific tax. If the property is commercial, it remains exempt under the HOPE Zone Act. The tax becomes a lien on the property and is subject to foreclosure and sale if not paid. The tax is disbursed to the authority for land bank fast track purposes, to repay loans, or to the state school aid fund. Principal residences may claim an exemption for school operating taxes. The tax is payable at the same times and in the same installments as other taxes.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.