MI SB1060

Replaces the calculation method for qualified forest property recapture tax by changing from "total millage rate levied by all taxing units" to "number of operating mills levied by the local school district" under MCL 380.1211.

Changes the recapture tax multiplier from a fixed 7-year calculation to the actual "number of years the property had been exempt as qualified forest property," capped at 7 years immediately preceding conversion.

Applies the revised calculation to both scenarios: properties converted without forest harvests and properties converted after at least one harvest consistent with an approved forest management plan.

Multiplies the resulting amount by 2 as a final calculation step for both property conversion scenarios.

Adds provision requiring recapture tax to include benefits received when taxable value was not adjusted following a transfer of ownership under specified general property tax act exemptions.