MI HB4970

Establishes a property tax exemption for qualified forest property from local school district operating taxes, with acreage limits increasing from 300,000 acres in fiscal year 2008 to 1,200,000 acres by fiscal year 2011 and thereafter.

Requires property owners to submit applications for the exemption under Part 514 of the Natural Resources and Environmental Protection Act, 1994 PA 451, and limits individual claims to 320 acres per local tax collecting unit.

Imposes a penalty of $5.00 per day (maximum $1,000) on owners who fail to rescind exemptions within 90 days when property ceases to qualify as forest property or are convicted under MCL 324.51420.

Requires qualified forest property transferees to file affidavits attesting the property will remain qualified forest property and inform buyers of recapture tax obligations under the Qualified Forest Property Recapture Tax Act, 2006 PA 379.

Makes conforming changes to section 27a defining "qualified forest property" as property designated under Part 514 of the Natural Resources and Environmental Protection Act and exempt under this section, with the bill taking effect only if House Bill 4969 is enacted.