MI SB1155

Property held by a land bank fast track authority is exempt from property tax collection under the General Property Tax Act.

Real property sold or conveyed by a land bank fast track authority is exempt from property tax for 5 years from the date of sale or conveyance.

The 5-year tax exemption does not apply to brownfield properties if the brownfield plan includes assistance authorized under the Brownfield Redevelopment Financing Act and the land bank authority approves release of the exemption when bonds, notes, or reimbursement agreements have been issued pledging the tax reverted clean title tax.

Property exempt under the 5-year exemption remains subject to the specific tax levied under the Tax Reverted Clean Title Act.

Updates statutory references to clarify definitions of "land bank fast track act," "land bank fast track authority," and "tax reverted clean title act" and makes technical corrections to prior statutory citations.