MI HB6029

Requires assessors to report to county equalization directors the 2013-2014 taxable values of commercial and industrial personal property by June 5, 2014, with county directors reporting to the state by June 20, 2014.

Establishes annual reporting requirements beginning June 5, 2015, for current year taxable values of commercial and industrial personal property, with county directors submitting compiled data to the state by June 20 each year.

Changes the basis for calculating millage rates: for 2014-2015, rates use taxable value plus small taxpayer exemption loss; beginning in 2016, rates use taxable value plus personal property exemption loss.

Requires municipalities to report millage rates by August 15 annually, and the state to calculate each municipality's debt loss or school debt loss by multiplying the reported millage rate by the applicable exemption loss.

Establishes reporting requirements for tax increment finance authorities to calculate and report tax increment small taxpayer losses (by June 15, 2014-2015) and personal property capture amounts for tax increment financing plans (by June 15, 2016 and thereafter).