MI SB0484

Extends the property tax exemption period for properties sold by land bank fast track authorities from 5 years to 8 years after the initial exemption date

Expands eligibility for tax exemptions to include properties sold by foreclosing governmental units (not just land bank authorities) that are listed under the tax reverted clean title act

Properties remain subject to the specific tax levied under the tax reverted clean title act during the exemption period

Exemption does not apply to properties included in a brownfield redevelopment plan that receives specified land bank assistance

Takes effect only if Senate Bill No. 485 of the 103rd Legislature is also enacted into law