| ENTERPRISE ZONE FACILITIES |
LEGAL CITATION: |
M.C.L. 125.2101 et seq.; 1985 PA 224. |
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| YEAR ADOPTED: |
1985 |
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| BASIS OF TAX: |
In lieu of general property taxation for up to 10 years after a business is certified as a qualified business. |
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| MEASURE OF TAX (BASE): |
State equalized value of real and personal property of a qualified business exclusive of exemptions. Partial exemption for facility located in a renaissance zone. |
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| RATE: |
Qualified business: 1/2 the statewide average property tax rate on commercial, industrial, and utility property. Certain other business: the local property tax rate, with credits that can reduce rate to statewide average property tax rate. |
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| ADMINISTRATION: |
Issuance of certification requires approval of Michigan Enterprise Zone Authority. |
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| REPORT AND PAYMENT: |
Same as General Property Tax. |
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| DISPOSITION: |
To the local unit in which such property is located, with certain exceptions. |
