MI SB1288

Establishes the "Qualified Forest Specific Tax Act" to levy a specific tax on owners of qualified forest property exempt from ad valorem property taxes.

Qualified forest property is exempt from standard property taxes under the General Property Tax Act, as defined in section 7jj of that act.

The annual qualified forest property specific tax consists of two components: (1) local property tax mills (excluding school code mills) applied to the property's taxable value, and (2) 2 mills applied to the property's taxable value.

Tax proceeds from the first component are distributed to state and local taxing units in the same proportions as general property taxes; proceeds from the 2-mill component are deposited into the Private Forestland Enhancement Fund.

Qualified forest property located in a renaissance zone is exempt from the specific tax, except for portions attributable to certain taxes described in section 7ff of the General Property Tax Act; unpaid taxes are subject to forfeiture, foreclosure, and sale like delinquent general property taxes.