MI SB1156

Amends the Local Community Stabilization Authority Act to modify reporting requirements for assessors and county equalization directors regarding commercial and industrial personal property taxable values.

Changes the calculation method for municipality millage rates beginning in 2016 to use "personal property exemption loss" instead of "small taxpayer exemption loss" for determining school debt loss.

Requires municipalities that are tax increment finance authorities to report captured values of industrial and commercial personal property annually by June 15, beginning in 2016.

Includes provisions for adjusting calculations when municipalities restructure police service funding by increasing police millage rates to offset decreases in general operating millage.

Establishes special accounting rules for refinanced obligations after 2012, requiring municipalities to track and adjust captured school district operating and state education tax amounts to ensure equivalence with what would have been captured had the obligation not been refinanced.