Michigan Laws > Chapter 211 > Act 261 of 2000 – Agricultural Property Recapture Act
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Terms Used In Michigan Laws > Chapter 211 > Act 261 of 2000 - Agricultural Property Recapture Act
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Benefit period: means the period in years between the date of the first exempt transfer and the conversion by a change in use, not to exceed the 7 years immediately preceding the year in which the qualified agricultural property is converted by a change in use. See Michigan Laws 211.1002
- Benefit received on that property: means the sum of the number of mills levied in the local tax collecting unit on the qualified agricultural property in each year of the benefit period, multiplied by the difference in each year of the benefit period between the true cash taxable value of the property and the property's taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1002
- Converted by a change in use: means 1 or more of the following:
(i) That due to a change in use the property is no longer qualified agricultural property as determined by the assessor of the local tax collecting unit. See Michigan Laws 211.1002Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Exempt transfer: means a conveyance of property that is not a transfer of ownership pursuant to section 27a(7)(n) of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1002 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. 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. month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j 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. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, corporation, limited liability company, association, governmental entity, or other legal entity. See Michigan Laws 211.1002 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Qualified agricultural property: means that term as defined in section 7dd of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1002 Recapture tax: means the agricultural property recapture tax imposed under this act. See Michigan Laws 211.1002 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 Treasurer: means the state treasurer. See Michigan Laws 211.1002 True cash taxable value: means the taxable value the property would have had if section 27a(7)(n) of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1002 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o