MI HB4967

Creates exemption from "qualified taxes" for real property in land equity cities or local units where a land value tax has been authorized, approved by voters, and certified under the land tax equity act.

Allows phased exemption implementation over up to 3 years during initial land value tax imposition, reaching 100% exemption in final year and thereafter.

Requires assessors in land equity cities to separately identify assessed and taxable values for land portions and improvements on assessment notices, with land taxable value calculation based on state equalized value percentages.

Expands definition of "taxes" in delinquent tax collection provisions to include specific taxes under the land tax equity act, and updates tax statement requirements for cities with populations of 500,000 or more to include land value taxes.

Makes several technical amendments replacing "shall" with "must," "wishes" with "wants," and updating statutory references throughout the General Property Tax Act; bill takes effect only if HB 4966 is enacted.