Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · Michigan · Chapter 211 — Taxation of Real and Personal Property

211.7tt Real and personal property owned by eligible economic development group; tax exemption; adoption of resolution by local tax collecting unit; notification to asses

704 words·~3 min read·/mi/chapter-211/211-7tt

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

211.7tt Real and personal property owned by eligible economic development group; tax exemption; adoption of resolution by local tax collecting unit; notification to assessor and legislative body; determination by state tax commission; approval of resolution; election to withdraw mills levied by county; filing copy of resolution; report; "eligible economic development group" defined.
Sec. 7tt.
(1)The governing body of a local tax collecting unit may adopt a resolution to exempt from the collection of taxes under this act specifically identified real and personal property owned by an eligible economic development group as provided in this section.
(2)A resolution adopted by the governing body of the local tax collecting unit under subsection
(1)shall set forth the period during which specifically identified real and personal property is exempt, which period shall not exceed 7 years. If the resolution is approved as provided in this section, the exemption of that specifically identified real and personal property is effective on the December 31 immediately succeeding the adoption of the resolution and shall continue in effect through December 30 in the final year of exemption as determined in the resolution.
(3)A resolution adopted by the governing body of the local tax collecting unit under subsection
(1)may include terms and conditions of a development agreement with the eligible economic development group that owns the specifically identified real and personal property, upon which development agreement the exemption under this section is predicated.
(4)Before acting on the resolution under subsection (1), the clerk of the local tax collecting unit shall notify in writing the assessor of the local tax collecting unit and the legislative body of each taxing unit that levies ad valorem property taxes in the local tax collecting unit. The governing body of the local tax collecting unit shall afford the assessor and a representative of the affected taxing units an opportunity for a hearing before acting on the resolution under subsection (1). A copy of the resolution adopted under subsection
(1)shall be filed with the state tax commission, the state treasurer, and all affected taxing units. A resolution adopted under subsection
(1)is not effective unless approved as provided in subsection (5).
(5)Not more than 60 days after receipt of a copy of the resolution adopted by the governing body of a local tax collecting unit under subsection (1), the state tax commission shall determine if the real and personal property subject to the exemption is owned by an eligible economic development group. If the state tax commission determines that the real and personal property subject to the exemption is owned by an eligible economic development group, the state treasurer shall approve the resolution adopted under subsection
(1)if the state treasurer determines that exempting that real and personal property of the eligible economic development group is necessary to reduce unemployment, promote economic growth, and increase capital investment in this state.
(6)Not more than 45 days after the state treasurer approves under subsection
(5)a resolution adopted under subsection (1), the county in which the local tax collecting unit that adopted the resolution under subsection
(1)is located may by resolution elect to withdraw all mills levied by that county from the exemption under this section. If a county elects to withdraw all mills levied by that county from the exemption under this section, the local tax collecting unit shall levy and collect all mills levied by that county on the real and personal property owned by an eligible economic development group identified in the resolution adopted under subsection (1). A copy of a resolution adopted under this subsection shall be filed with the local tax collecting unit, the state tax commission, and the state treasurer.
(7)The state tax commission shall annually report to the senate finance committee and house tax policy committee the total number of eligible economic development groups that are receiving an exemption under this section.
(8)As used in this section, "eligible economic development group" means a nonprofit organization the primary purpose of which is the economic development of real property or combining parcels of real property for economic development purposes.
History: Add. 2014, Act 274 , Imd. Eff. July 2, 2014
Popular Name: Act 206
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.