| OBSOLETE PROPERTIES |
LEGAL CITATION: |
M.C.L. 125.2781 et seq.; 2000 PA 146. |
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| YEAR ADOPTED: |
2000. |
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| BASIS OF TAX: |
In lieu of general property taxation for up to 12 years after an exemption is granted. Partial exemption for facility located in a renaissance zone. New exemptions can not be granted after December 31, 2010; however, existing exemptions in effect as of this date shall remain in effect until their expiration. |
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| MEASURE OF TAX (BASE): |
For all taxes levied, state equalized value of facility in year prior to granting of exemption certificate, excluding land and personal property other than buildings on leased land. For local school operating taxes and the State Education Tax, add the increase in the state equalized value of the rehabilitated facility to the frozen state equalized value of the facility. |
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| RATE: |
Varies by local unit. Total millage rate for all taxing units. State Treasurer can exempt, for up to six years, up to one-half of the mills levied for local school operating purposes and the State Education Tax. |
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| ADMINISTRATION: |
Same as General Property Tax. |
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| REPORT AND PAYMENT: |
Same as General Property Tax. |
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| DISPOSITION: |
Same as General Property Tax, except that revenue that would be attributable to local school districts and intermediate school districts is credited to the State School Aid Fund. |
