| TECHNOLOGY PARK FACILITIES |
LEGAL CITATION: |
M.C.L. 207.701 et seq.; 1984 PA 385. |
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| YEAR ADOPTED: |
1984 |
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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 technology park districts. Partial exemption for facility located in a renaissance zone. |
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| MEASURE OF TAX (BASE): |
Current state-equalized value of the facility, excluding land. |
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| RATE: |
1/2 of 1993 school operating taxes plus 1/2 of other property taxes, except state education tax. |
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| ADMINISTRATION: |
Same as General Property Tax. Local legislative body must approve issuance of certificate. Authority to issue certificates expired on December 31, 1993, but an exemption then in effect continues until expiration of certificate. |
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| REPORT AND PAYMENT: |
Same as General Property Tax. |
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| DISPOSITION: |
Same as Industrial Facilities Tax. |
