MI SB0536

Local tax collecting units may adopt a resolution to exempt specifically identified real and personal property owned by eligible economic development groups from property tax collection for a period not exceeding 7 years.

Exemption becomes effective on December 31 following resolution adoption and continues through December 30 of the final exemption year specified in the resolution.

Local tax collecting unit clerk must notify the assessor and legislative bodies of all affected taxing units, and provide a hearing opportunity before the governing body acts on the exemption resolution.

State tax commission has 60 days to determine if property is owned by an eligible economic development group, and state treasurer must approve the resolution if exemption is necessary to reduce unemployment, promote economic growth, and increase capital investment.

County may elect by resolution to withdraw all of its levied mills from the exemption within 45 days of state treasurer approval, requiring the local tax collecting unit to levy and collect all county mills on the exempt property.