Michigan Laws 211.783 – Mineral and right, claim, lease, or option; tax exemption; shaft, incline, adit, or value of overburden stripping at open mine; tax exemption
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 211.783
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mineral: means a naturally occurring solid substance that is extracted from the earth in this state primarily for its nonferrous metallic mineral content for commercial, industrial, or construction purposes. See Michigan Laws 211.782
- Open mine: means a mine at which a shaft, incline, or adit has been started or overburden has been stripped. See Michigan Laws 211.782
Beginning December 31, 2012, any mineral and any right, claim, lease, or option in or of any mineral is exempt and any shaft, incline, adit, or value of overburden stripping located at an open mine is exempt under section 7pp of the general property tax act, 1893 PA 206, MCL 211.7pp.