MI HB5098

Requires school districts to annually recalculate "computed millage" beginning October 1, 2013, to ensure sufficient revenue to pay principal and interest on qualified bonds and related loans by the final mandatory repayment date.

Establishes computed millage between 7 and 13 mills, with recalculation based on changes in circumstances including additional bond qualifications, refundings, loan interest rate changes, and taxable value changes.

Requires school districts to decrease millage levy rates when recalculated computed millage is lower than current rates, and increase rates when recalculated millage is higher, subject to specified exceptions and caps.

For the October 1, 2013 recalculation, allows districts to increase millage by either the percentage equivalent to taxable value change over the prior 5 years or a minimum of 33% of the increase in recalculated millage.

For October 1, 2014 and subsequent recalculations, allows districts to increase millage by the percentage of preceding year's taxable value decline (but not above recalculated millage) or a minimum of 66% of the recalculated millage increase.