Michigan HB5868 amends the HOPE zone exemption for commercial forests, adjusting tax rates and collection procedures.

Michigan HB5868 amends section 51105 of the Michigan Natural Resources and Environmental Protection Act to adjust the annual specific tax for commercial forests. Beginning January 1, 2012, the tax increases by 5 cents per acre every five years. The bill specifies that commercial forests are exempt from the ad valorem general property tax after certification by the Department of Natural Resources. Instead, these forests are subject to a specific annual tax, which varies based on the year.

Michigan HB5868 amends the HOPE zone exemption for commercial forests, adjusting tax rates and collection procedures.

Michigan HB5868 amends section 51105 of the Michigan Natural Resources and Environmental Protection Act to adjust the annual specific tax for commercial forests. Beginning January 1, 2012, the tax increases by 5 cents per acre every five years. The bill specifies that commercial forests are exempt from the ad valorem general property tax after certification by the Department of Natural Resources. Instead, these forests are subject to a specific annual tax, which varies based on the year.