MI SB1400

Modifies the recapture tax calculation for qualified forest property under the Qualified Forest Property Recapture Tax Act when property is converted by a change in use.

Changes the tax calculation to use the number of mills for which property is exempt under MCL 380.1211 (Revised School Code) instead of the total millage rate levied by all taxing units.

For properties without prior forest product harvests: multiplies the state equalized valuation by the applicable mill exemption rate, then by 7 or the actual years of exemption (whichever is less), then by 2.

For properties with prior forest product harvests consistent with an approved forest management plan: applies the same calculation methodology as properties without harvests.

Requires inclusion of the exemption benefit received on the property in the recapture tax if the taxable value was not adjusted under MCL 211.27a(3) after an ownership transfer.