MI HB6488

Establishes valuation methodology for wind energy systems based on original installed cost multiplied by an applicable depreciation multiplier, plus value of easements and rights-of-way, with a minimum floor of $29,067 per megawatt.

Requires State Tax Commission to adopt a multiplier table by November 30, 2018 (or December 31, 2018 as backup deadline) assuming 30-year service life, starting multiplier of 1.0, annual reduction of no more than 0.04, and minimum floor of 0.4.

Defines "original (historical) installed cost" to include direct costs (equipment, labor, materials, tower, foundation) and indirect costs (administrative, overhead, financing, professional fees, insurance) without adjustment for tax incentives.

Updates agricultural property sales study procedures to reference section 27a(7)(o) instead of 27a(7)(n) for affidavit filing requirements.

Preserves existing provisions for assessing residential property improvements, excluding value increases from normal repairs and maintenance from true cash value calculations until property is sold.