MI HB5839

Amends section 87c of the Property Tax Act to eliminate unpaid sums owed to county treasurers for services as agent in delinquent tax administration that accrued before the effective date of this amendment.

Establishes that county treasurers can collect administrative fees from delinquent tax revolving funds at rates of either 1/27 of monthly interest (for rates exceeding 1% per month) or 3/64 of monthly interest (for rates of 1% per month or less).

Caps total administrative compensation at 5% of the county treasurer's annual office budget for any year in which the county borrows for delinquent tax revolving fund purposes.

Authorizes counties to issue revolving fund notes to establish delinquent tax funds, with principal not exceeding pledged delinquent taxes, interest rates capped at 14.5% per annum, and maturity dates not exceeding 6 years.

Exempts delinquent tax revolving fund notes from the Revised Municipal Finance Act and grants counties full faith and credit backing, with authority to impose unlimited ad valorem taxation if pledged tax revenues prove insufficient.