SB 0485
Taxation: specific tax; application of tax reverted property specific tax to certain tax delinquent property sold or otherwise conveyed by a foreclosing governmental unit; provide for. Amends secs. 4 & 5 of 2003 PA 260 (MCL 211.1024 & 211.1025). TIE BAR WITH: SB 484'25
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Bill overview
This bill modifies the "Tax Reverted Clean Title Act" to clarify how a specific tax, known as the "eligible tax reverted property specific tax," is applied to property sold by government entities or foreclosed upon. It requires local tax collecting units to report property sales and establishes a tax rate based on what would have been owed under regular property taxes. The bill also outlines how the collected tax revenue will be distributed between state and local governments, with a portion directed to the state school aid fund.
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