(1) A vote on adopting separate tax limitations shall be initiated by petition signed by not less than 4% of the registered electors of each township and city within the county. The petition shall be filed with the county clerk not less than 30 days before the convening of the board in regular session, or any special session called for the purpose of considering the petition.

    (2) A petition under this section, including the circulation and signing of the petition, is subject to section 488 of the Michigan election law, 1954 PA 116, MCL 168.488. A person who violates a provision of the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992, applicable to a petition described in this section is subject to the penalties prescribed for that violation in the Michigan election law, 1954 PA 116, MCL 168.1 to 168.992.