SB0485

Michigan SB0485 amends tax laws to apply a specific tax to certain tax-delinquent properties sold by foreclosing governmental units.

Michigan SB0485 amends sections of the Michigan Compiled Laws to apply a specific tax to certain tax-delinquent properties sold or conveyed by foreclosing governmental units. This tax, known as the eligible tax reverted property specific tax, is levied on the owner of the property. The tax amount is calculated based on the tax that would have been due under the general property tax act. The tax becomes a lien on the property and is subject to foreclosure and sale if not paid. The tax is payable at the same times and in the same installments as taxes imposed under the general property tax act.