Property tax: exemptions; exemption of certain tax delinquent property sold or otherwise conveyed by a foreclosing governmental unit; provide for. Amends sec. 7gg of 1893 PA 206 (MCL 211.7gg). TIE BAR WITH: SB 485'25
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill modifies Michigan’s property tax laws to clarify exemptions for property sold by land banks or foreclosing governmental units. Specifically, it extends the period of exemption for such properties to eight years after the initial grant, unless certain conditions are met. These conditions include the property being part of a brownfield redevelopment plan with specific financial arrangements.
Key provisions
- Property held by a land bank fast track authority is exempt from property taxes.
- Real property sold by a land bank fast track authority or a foreclosing governmental unit is exempt until eight years after the sale.
- The exemption does not apply to properties included in a brownfield plan meeting specific criteria.
- The brownfield plan must include assistance to the land bank.
- If the land bank issued bonds or entered into an agreement dedicating tax revenue to the property, the exemption is subject to approval.
- The bill defines key terms such as ‘land bank fast track authority’ and ‘tax reverted clean title act.’
- The amendment is contingent on the enactment of Senate Bill 485.
Who is affected
- Land banks
- Foreclosing governmental units
- Property owners
- Taxpayers
- Local governments
Notable changes
Bill text
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Document of record
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- Senate Introduced Bill
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