MI HB6245

Provides property tax exemption for federally-aided or authority-aided housing projects owned by nonprofit housing corporations, consumer housing cooperatives, limited dividend housing corporations, and mobile home park corporations or associations.

Exempts eligible housing projects from all ad valorem property taxes imposed by the state or any political subdivision, and exempts from eligible tax reverted property specific taxes with consent of the land bank fast track authority.

Requires housing project owners to file a certified notification of exemption affidavit with the local assessing officer before November 1 of the year preceding the tax year in which exemption begins.

Mandates owners of tax-exempt housing projects pay annual service charges to municipalities in lieu of taxes, with amounts based on prior year taxes or 10% of annual shelter rents (greater amount for new construction, lesser for rehabilitation projects).

Permits municipalities to establish by ordinance different service charge amounts or periods of exemption (up to 50 years maximum), and requires tax exemption benefits to be allocated exclusively to low-income residents through reduced housing charges.