MI SB1016

Property held by a redevelopment authority created under the Land Bank Fast Track Act (2003 PA 258) is exempt from property tax collection.

Real property sold or conveyed by a redevelopment authority under the Land Bank Fast Track Act is exempt from property taxes for 8 years, beginning December 31 of the year of sale through December 31 eight years later.

The 8-year exemption does not apply to property included in a brownfield plan under the Brownfield Redevelopment Financing Act (1996 PA 381) if the plan includes assistance to a land bank fast track authority and the authority approves the exemption release.

The 8-year exemption does not apply to property included in a Neighborhood Enterprise Zone under the Neighborhood Enterprise Zone Act (1992 PA 147).

Property exempt under the 8-year provision remains subject to the specific tax levied under the Tax Reverted Clean Title Act (2003 PA 260).