MI HB6077

Allows a local tax collecting unit's governing body to adopt a resolution exempting either all personal property or all new personal property from property tax collection within that unit.

Requires the local tax collecting unit clerk to notify the assessor and legislative bodies of all taxing units that levy property taxes in the area before the governing body votes on the exemption resolution.

Exemption becomes effective on December 31 following adoption of the resolution and continues for a period specified in the resolution.

Exemption does not apply to buildings described in section 14(6) or personal property described in sections 8(h), (i), and (j) of the General Property Tax Act.

Defines "new personal property" as property not previously subject to tax under the act or not previously placed in service in Michigan that is placed in the local tax collecting unit after the exemption resolution is approved.