MI SB1266

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

Real property sold or conveyed by a land bank fast track authority receives a tax exemption starting December 31 of the year of sale through December 31 of the fifth year following the initial exemption grant.

Local tax collecting units may extend the exemption period by one additional year (to six years total) by adopting a resolution approving the extension.

Property included in a brownfield redevelopment plan is excluded from the five or six-year exemption if the land bank fast track authority has issued bonds or entered reimbursement agreements pledging the specific tax under the Tax Reverted Property Clean Title Act and approves release of the exemption.

Property exempt under this section remains subject to the specific tax levied under the Tax Reverted Property Clean Title Act (2003 PA 260).