Michigan Laws 125.2789 – Value and taxable value of property; annual determination
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Terms Used In Michigan Laws 125.2789
- certificate: means the certificate issued pursuant to section 6. See Michigan Laws 125.2782
- Facility: except as otherwise provided in this act, means a building or group of contiguous buildings. See Michigan Laws 125.2782
- Obsolete property: means commercial property or commercial housing property, that is 1 or more of the following:
(i) Blighted, as that term is defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 125.2782Personal property: All property that is not real property. Qualified local governmental unit: means 1 or more of the following:
(i) A city with a median family income of 150% or less of the statewide median family income as reported in the 1990 federal decennial census that meets 1 or more of the following criteria:
(A) Contains or has within its borders an eligible distressed area as that term is defined in section 11(u)(ii) and (iii) of the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 125.2782Rehabilitated facility: means a commercial property or commercial housing property that has undergone rehabilitation or is in the process of being rehabilitated, including rehabilitation that changes the intended use of the building. See Michigan Laws 125.2782 Rehabilitation: means changes to obsolete property other than replacement that are required to restore or modify the property, together with all appurtenances, to an economically efficient condition. See Michigan Laws 125.2782 Taxable value: means the value determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.2782
The assessor of each qualified local governmental unit in which there is a rehabilitated facility with respect to which 1 or more obsolete property rehabilitation exemption certificates have been issued and are in force shall determine annually as of December 31 the value and taxable value, both for real and personal property, of each rehabilitated facility separately, having the benefit of a certificate and upon receipt of notice of the filing of an application for the issuance of a certificate, shall determine and furnish to the local legislative body the value and the taxable value of the property to which the application pertains and other information as may be necessary to permit the local legislative body to make the determinations required by section 8(2).