| COMMERCIAL REHABILITATION |
LEGAL CITATION: |
M.C.L. 207.841 et. seq.; 2005 PA 210. |
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| YEAR ADOPTED: |
2005. (The Commercial Redevelopment Act, 1978 PA 255, was effectively allowed to sunset with the provision that new exemptions could not be issued after December 31, 1985. Exemptions issued in 1985 for 12 years expired in 1997.) |
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| BASIS OF TAX: |
In lieu of general property taxation for up to 10 years after completion of facilities granted exemption certificates within commercial rehabilitation districts. |
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| MEASURE OF TAX (BASE): |
Taxable value of facilities, excluding land and personal property, in year prior to granting of exemption certificate. Exemption certificate creates alternate taxable value for all tax levies except school operating millages and State Education Tax. |
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| RATE: |
Same as General Property Tax. |
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| ADMINISTRATION: |
Same as General Property Tax. County can object to creation of district. Local legislative body and State Tax Commission must approve issuance of certificate with concurrence of Michigan Strategic Fund. Authority to issue certificates expires on December 31, 2015, but an exemption then in effect will continue until expiration of the certificate. |
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| REPORT AND PAYMENT: |
Same as General Property Tax. |
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| DISPOSITION: |
Distributed on same basis as general property tax. |
