Michigan SB0484 amends property tax exemptions for certain tax-delinquent properties sold by land bank authorities or foreclosing governmental units.

Michigan SB0484 amends the property tax exemption for certain tax-delinquent properties sold or conveyed by a land bank fast track authority or a foreclosing governmental unit. The bill specifies that property exempt from tax collection under this exemption is subject to the specific tax levied under the tax reverted clean title act. The exemption applies to properties held by a land bank fast track authority under the land bank fast track act, but not to properties included in a brownfield plan.

Michigan SB0484 amends property tax exemptions for certain tax-delinquent properties sold by land bank authorities or foreclosing governmental units.

Michigan SB0484 amends the property tax exemption for certain tax-delinquent properties sold or conveyed by a land bank fast track authority or a foreclosing governmental unit. The bill specifies that property exempt from tax collection under this exemption is subject to the specific tax levied under the tax reverted clean title act. The exemption applies to properties held by a land bank fast track authority under the land bank fast track act, but not to properties included in a brownfield plan.