MI SB0306

Amends the Principal Shopping District Act to clarify definitions of "assessable property," excluding residential properties unless explicitly designated and government-owned properties exempt from taxation.

Establishes that special assessments for principal shopping districts designated after July 14, 1992 cannot exceed $10,000 annually per business, adjusted annually for inflation using the Detroit Consumer Price Index.

Creates procedures for establishing business improvement zones (BIZs) through petition by property owners representing at least 30% of parcels, followed by city/village approval and property owner vote requiring more than 60% approval.

Requires business improvement zone boards to include at least one residential property owner and allows cities to nominate one director; zone plans must specify a 7-10 year qualifying period with detailed project descriptions and assessment formulas.

Permits assessments to fund BIZ activities with delinquent assessments accruing 1.5% monthly interest; allows dissolution upon petition by 30% of property owners and vote of more than 50%, with refund of remaining funds on a pro rata basis.