| INDUSTRIAL FACILITIES |
LEGAL CITATION: |
M.C.L. 207.551 et. seq.; 1974 PA 198. |
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| YEAR ADOPTED: |
1974 |
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| BASIS OF TAX: |
In lieu of general property taxation for up to 12 years after completion of facilities granted exemption certificates within plant rehabilitation or industrial development districts. |
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| MEASURE OF TAX (BASE): |
Restored or replacement facility: taxable value of facility, excluding land and inventory, in year prior to granting of exemption certificate. New or speculative facility: current taxable value of facility, excluding land and inventory. Partial exemption for facility located in a renaissance zone. |
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| RATE: |
Restored facility; same as the local property tax rate. New or replacement facility: (if granted before January 1, 1994) 1/2 of 1993 school operating taxes plus 1/2 of other property taxes except state education tax; (if granted after December 31, 1993) 1/2 of all taxes other than the state education tax plus the state education tax. Certificate applicants and the granting municipality must enter into an agreement before the State Tax Commission can approve an exemption certificate. |
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| ADMINISTRATION: |
Same as General Property Tax. Local legislative body and State Tax Commission must approve issuance of certificate with concurrence of Michigan Strategic Fund. |
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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 except that all or part of school district share is credited to the School Aid Fund. |
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| Industrial Facilities Tax Law Changes |
