MI HB5646

Levies a specific tax on owners of eligible tax reverted property equal to what would be collected under the general property tax act, with principal residence owners able to claim exemptions for school operating tax portions under certain conditions.

Requires 50% of collected eligible tax reverted property specific tax to be disbursed to state and local taxing units in the same proportions as general property taxes, and 50% to the land bank authority that sold the property for purposes including clearing title and repaying authority loans.

Directs eligible tax reverted property specific tax revenue attributable to school operating purposes to be paid to the state school aid fund instead of local school districts.

Authorizes land bank authorities to exempt eligible tax reverted property from the specific tax if the exemption assists in job creation, investment, or economic development in the jurisdiction where the property is located.

Exempts eligible tax reverted property located in renaissance zones from the specific tax to the extent provided under the Michigan renaissance zone act, except for portions attributable to taxes under MCL 211.7ff.