MI HB4496

Requires school districts to annually recalculate their computed millage (7-13 mills) beginning October 1, 2013, to ensure sufficient revenue for principal and interest payments on qualified bonds and qualified loans.

Allows millage decreases when recalculated computed millage is lower than current rate, but not below the minimum established in the most recent bond qualification order or the minimum required by law.

Permits millage increases with limitations: first recalculation (2013) capped at the equivalent percentage of 5-year taxable value change, and subsequent years (2014 onward) limited to the percentage of preceding year's taxable value decline.

Includes exception eliminating recalculation requirement if current millage is already sufficient to pay all qualified loans by the mandatory final repayment date.

Amends 2005 PA 92 to clarify definitions of computed millage, qualified bonds, qualified loans, and related school financing terms, effective June 30, 2015.