MI SB1021

Increases annual tax payments from counties for state-owned tax reverted, recreation, and forest lands from $2.00 per acre to $3.00 per acre for 2014, then to $4.00 per acre starting in 2015, with annual adjustments of 5% or the inflation rate, whichever is less.

Excludes from taxation lands purchased after January 1, 1933 for natural resource purposes and state lands where payments in lieu of taxes are already made under subpart 14.

Changes distribution of tax payments from counties to townships and school districts: eliminates school operating fund share and distributes 50% to county general fund and 50% to township general fund.

Establishes property valuation methodology beginning in 2013 using the greater of either the previous valuation calculation method or the taxable value calculated under the general property tax act.

Takes effect immediately upon approval on January 9, 2013.