MI SB0130

Exempts property held by land bank fast track authorities from tax collection under Michigan's property tax law.

Provides a 5-year tax exemption for real property sold or conveyed by land bank fast track authorities, beginning December 31 of the year of sale and ending December 31 five years later.

Removes the exemption for property included in brownfield plans under the Brownfield Redevelopment Financing Act if the land bank authority has issued bonds, notes, or reimbursement agreements pledging the specific tax under the Tax Reverted Clean Title Act, and the authority approves the exemption release.

Subjects exempted property to the specific tax levied under the Tax Reverted Clean Title Act.

Takes effect only if Senate Bill No. 129 of the 102nd Legislature is enacted into law; approved July 18, 2023.