MI HB5496

Establishes the "Land Value Specific Tax Act" to allow local tax collecting units to exempt eligible commercial and industrial real property with no buildings or improvements from ad valorem property taxes.

Levies a specific annual tax on owners of exempt eligible real property equal to the property's taxable value multiplied by state education tax mills, school district mills, local taxing unit mills, and any voter-approved additional millage for vacancy maintenance costs.

Requires assessors to annually determine the value and taxable value of each exempt eligible real property parcel as of December 31.

Directs tax collectors to disburse the specific tax revenue to state and local taxing units in the same proportions as general property taxes, with any additional voter-approved millage proceeds retained by the local tax collecting unit's general fund.

Makes unpaid land value specific taxes subject to collection under existing general property tax law and ties the act's effectiveness to enactment of Senate Bill or House Bill 5495.