Michigan Laws 125.4803 – Definitions; O to T
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Terms Used In Michigan Laws 125.4803
- Assessed value: means the taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.4802
- Authority: means a neighborhood improvement authority created under this part. See Michigan Laws 125.4802
- Captured assessed value: means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in section 803(d), exceeds the initial assessed value. See Michigan Laws 125.4802
- Development area: means that area described in section 805 to which a development plan is applicable. See Michigan Laws 125.4802
- Housing: means publicly owned housing, individual or multifamily. See Michigan Laws 125.4802
- Initial assessed value: means the assessed value of all the taxable property within the boundaries of the development area at the time the ordinance establishing the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality at the time the resolution is adopted. See Michigan Laws 125.4802
- Municipality: means a city or a village. See Michigan Laws 125.4802
- Personal property: All property that is not real property.
- Public facility: means housing, a street, plaza, pedestrian mall, and any improvements to a street, plaza, or pedestrian mall including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, or building, including access routes designed and dedicated to use by the public generally, or used by a public agency. See Michigan Laws 125.4803
- Specific local tax: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 125.4803
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area. See Michigan Laws 125.4803
As used in this part:
(a) “Operations” means office maintenance, including salaries and expenses of employees, office supplies, consultation fees, design costs, and other expenses incurred in the daily management of the authority and planning of its activities.
(b) “Parcel” means an identifiable unit of land that is treated as separate for valuation or zoning purposes.
(c) “Public facility” means housing, a street, plaza, pedestrian mall, and any improvements to a street, plaza, or pedestrian mall including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, or building, including access routes designed and dedicated to use by the public generally, or used by a public agency. Public facility includes an improvement to a facility used by the public or a public facility as those terms are defined in section 1 of 1966 PA 1, MCL 125.1351, if the improvement complies with the barrier free design requirements of the state construction code promulgated under the Stille-DeRossett-Hale single state construction code act, 1972 PA 230, MCL 125.1501 to 125.1531.
(d) “Residential district” means an area of a municipality where 75% or more of the area is zoned for residential housing.
(e) “Specific local tax” means a tax levied under 1974 PA 198, MCL 207.551 to 207.572, the commercial redevelopment act, 1978 PA 255, MCL 207.651 to 207.668, the technology park development act, 1984 PA 385, MCL 207.701 to 207.718, 1953 PA 189, MCL 211.181 to 211.182, the neighborhood enterprise zone act, 1992 PA 147, MCL 207.771 to 207.786, or the commercial rehabilitation act, 2005 PA 210, MCL 207.841 to 207.856. The initial assessed value or current assessed value of property subject to a specific local tax shall be the quotient of the specific local tax paid divided by the ad valorem millage rate. The state tax commission shall prescribe the method for calculating the initial assessed value and current assessed value of property for which a specific local tax was paid in lieu of a property tax.
(f) “State fiscal year” means the annual period commencing October 1 of each year.
(g) “Tax increment revenues” means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area. Tax increment revenues do not include any of the following:
(i) Taxes under the state education tax act, 1993 PA 331, MCL 211.901 to 211.906.
(ii) Taxes levied by local or intermediate school districts.
(iii) Ad valorem property taxes attributable either to a portion of the captured assessed value shared with taxing jurisdictions within the jurisdictional area of the authority or to a portion of value of property that may be excluded from captured assessed value or specific local taxes attributable to the ad valorem property taxes.
(iv) Ad valorem property taxes excluded by the tax increment financing plan of the authority from the determination of the amount of tax increment revenues to be transmitted to the authority or specific local taxes attributable to the ad valorem property taxes.
(v) Ad valorem property taxes exempted from capture under section 814(5) or specific local taxes attributable to those ad valorem property taxes.
(vi) Ad valorem property taxes specifically levied for the payment of principal and interest of obligations approved by the electors or obligations pledging the unlimited taxing power of the local governmental unit or specific taxes attributable to those ad valorem property taxes.
(vii) Ad valorem property taxes levied under 1 or more of the following or specific local taxes attributable to those ad valorem property taxes:
(A) The zoological authorities act, 2008 PA 49, MCL 123.1161 to 123.1183.
(B) The art institute authorities act, 2010 PA 296, MCL 123.1201 to 123.1229.
(C) Except as otherwise provided in section 814(5), ad valorem property taxes or specific local taxes attributable to those ad valorem property taxes levied for a separate millage for public library purposes approved by the electors after December 31, 2016.