MI SB1401

Increases per-owner acreage limit for qualified forest property exemption from 320 to 640 acres per local tax collecting unit.

Establishes statewide acreage caps: 300,000 acres (fiscal year 2008), 600,000 acres (2009), 900,000 acres (2010), and 1,200,000 acres (2011 and thereafter).

Requires $25.00 application fee and approved forest management plan or third-party certification to claim exemption; owner must file affidavit by December 31.

Removes requirement that qualified forest property have no buildings or structures; property must have 80% productive forest and be subject to approved management plan.

Transfers annual reporting responsibility from Department of Natural Resources to local assessor; requires reporting to Department of Treasury every 3 years on acreage and timber production by county.