HB 5810 Summary

• Creates a summer 2020 property tax advance payment program administered by the Michigan Department of Treasury to provide eligible taxing authorities with advance payments of deferred summer 2020 property taxes.

• Requires counties to submit applications to the state by September 18, 2020, and establishes that the state shall provide interest-free short-term financing by November 13, 2020, with funds potentially sourced from bonds issued by the Michigan Finance Authority.

• Mandates counties make advance payments to eligible taxing authorities by December 1, 2020, for the full amount of properly deferred summer 2020 property taxes.

• Specifies that counties receiving state financing must repay the loan by the earlier of June 1, 2021, or the date delinquent tax revolving fund payments would have been required under existing law.

• Makes the bill's effective date contingent upon the enactment of House Bill No. 5761 of the 100th Legislature.