MI HB4302

Amends the Qualified Forest Property Recapture Tax Act to change how recapture tax is calculated when qualified forest property is converted to a different use.

Replaces the calculation method based on total millage rates with a method using the number of operating mills levied by the local school district where the property is located.

For properties with no prior forest product harvests consistent with approved management plans, recapture tax equals the property's taxable value multiplied by school district operating mills, multiplied by the number of years the property was exempt (not to exceed 7 years), multiplied by 2.

For properties with prior forest product harvests consistent with approved management plans, uses the same calculation method but without the final multiplication by 2.

Requires inclusion of any tax benefit received if property ownership transfers and the taxable value was not adjusted under the General Property Tax Act provisions for qualified forest property exemptions.