Michigan Laws 123.1356b – Calculation by municipality that is tax increment finance authority; form and manner; extension of calculation and reporting date; exclusion
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Terms Used In Michigan Laws 123.1356b
- Authority: means the local community stabilization authority, a metropolitan authority established under section 7. See Michigan Laws 123.1345
- Department: means the department of treasury. See Michigan Laws 123.1345
- Municipality: includes , but is not limited to, the following:
(i) Counties. See Michigan Laws 123.1345Tax increment finance authority: means an authority created under 1 or both of the following:
(i) The brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 123.1345Taxable value: means all of the following:
(i) Except as otherwise provided in subparagraph (ii), that value determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 123.1345
(1) Each municipality that is a tax increment finance authority shall report to the department the calculation required under section 16a on a form and in a manner prescribed by the department.
(2) If a municipality that is a tax increment finance authority fails to make the calculation and report it to the department by the date provided in section 16a, the department may extend the calculation and reporting date upon good cause as determined by the department.
(3) The department shall exclude from the calculations under sections 14, 15, and 16 the taxable value of property exempt under section 7ff of the general property tax act, 1893 PA 206, MCL 211.7ff, for millages subject to the exemption.