MI HB4984

Levies an annual specific tax on owners of eligible tax reverted property equal to what would have been collected under the general property tax if the property were not exempt.

Owners of eligible tax reverted property that is a principal residence may claim an exemption for the portion of the specific tax attributable to local school district operating purposes if they claim a homestead exemption under MCL 211.7cc.

Requires 50% of the specific tax revenue to be disbursed to taxing units at the same proportions as general property tax revenue and 50% to the land bank authority that conveyed the property for costs authorized under the Land Bank Fast Track Act or to repay authority loans.

Directs school operating tax portions to the state school aid fund instead of local school districts, and intermediate school district portions to the state treasury based on their tax rates.

Makes the specific tax subject to the same payment schedule, collection fees, interest, liens, delinquency procedures, and foreclosure rules as general property taxes, with automatic forfeiture to the county treasurer if unpaid for 2 or more years.