Michigan Laws 211.1033 – Qualified forest property recapture tax; imposition
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Terms Used In Michigan Laws 211.1033
- Converted by a change in use: means that due to a change in use the property is no longer eligible for an exemption as qualified forest property under section 7jj of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, partnership, corporation, limited liability company, association, governmental entity, or other legal entity. See Michigan Laws 211.1032
- Qualified forest property: means that term as defined in section 7jj of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1032
- Recapture tax: means the qualified forest property recapture tax imposed under this act. See Michigan Laws 211.1032
- Treasurer: means the state treasurer. See Michigan Laws 211.1032
(1) Beginning January 1, 2007, the qualified forest property recapture tax provided under section 4 is imposed as provided in this section if the property is converted by a change in use after December 31, 2006.
(2) The recapture tax is the obligation of the person who owned the property at the time the property was converted by a change in use. If a recapture tax is imposed on the owner of the property under this subsection, the recapture tax is a lien on the property subject to the recapture tax until paid. If the recapture tax is not paid within 90 days of the date the property was converted by a change in use, the treasurer may bring a civil action against the owner of the property as of the date the property was converted by a change in use. If the recapture tax remains unpaid on the March 1 in the year immediately succeeding the year in which the property is converted by a change in use, the property on which the recapture tax is due shall be returned as delinquent to the county treasurer of the county in which the property is located. Property returned as delinquent under this section, and upon which the recapture tax, interest, penalties, and fees remain unpaid after the property is returned as delinquent to the county treasurer, is subject to forfeiture, foreclosure, and sale for the enforcement and collection of the delinquent taxes as provided in section 78 to 79a of the general property tax act, 1893 PA 206, MCL 211.78 to 211.79a.