MI SB1009

Allows foreclosing governmental units to create delinquent property tax installment payment plans for eligible properties (principal residences) held by financially distressed persons.

Permits county treasurers to enter into tax foreclosure avoidance agreements for up to 5 years with residential property owners who make an initial payment of at least 10% of delinquent taxes, with the authority to enter no more than 2 such agreements per owner.

Waives interest charges if a financially distressed person successfully completes a delinquent property tax installment payment plan; if the plan is not completed, standard interest rates and foreclosure proceedings apply.

Prohibits industrial real property occupying less than 10% facility capacity for over 3 years in counties with populations exceeding 1,500,000 from participating in installment payment plans and requires such properties to proceed to foreclosure sale.

Allows the Department of Treasury to audit county books and records concerning delinquent property tax installment payment plans, and permits county treasurers to charge back delinquent taxes to taxing units after 2 years if notes were issued.