MI HB5495

Allows governing bodies of local tax collecting units to adopt resolutions exempting eligible real property from ad valorem property tax collection in designated zones within their jurisdiction.

Eligible real property is limited to commercial or industrial real property with no buildings or other improvements located on it.

Requires the local tax collecting unit clerk to notify the assessor and legislative bodies of all taxing units in the area before acting on an exemption resolution, and mandates a hearing opportunity for the assessor and affected taxing unit representatives.

Exemptions become effective on December 31 following resolution adoption and continue for a period specified in the resolution.

Exempted property remains subject to the specific tax levied under the land value specific tax act; bill effectiveness is contingent on enactment of HB 5496.