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MI HB4926
Bill
Status
10/14/2020
Primary Sponsor
Lynn Afendoulis
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AI Summary
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Amends the local community stabilization authority law to modify definitions and calculations related to personal property tax exemptions for commercial and industrial property.
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Changes the calculation methodology for determining eligible millage caps starting in calendar year 2018, allowing municipalities to use either the highest total millage levied in 2012-2014 or prorate down if prior year millage exceeds that cap.
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Modifies reporting requirements for county equalization directors and municipalities regarding taxable values of commercial and industrial personal property, with deadlines changed to May 31 for calendar year 2018 and thereafter (previously June 5-20).
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Establishes special rules for local school districts and intermediate school districts to exclude debt millage and enhancement millage (for ISD starting 2021) from millage cap calculations while maintaining specific reporting requirements.
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Effective immediately upon enactment (October 15, 2020).
Legislative Description
Property tax: local community stabilization share; calculation for eligible millage cap levied; modify. Amends secs. 5, 13 & 14 of 2014 PA 86 (MCL 123.1345 et seq.).
Property tax: local community stabilization share
Last Action
Assigned Pa 194'20 With Immediate Effect
10/14/2020