Michigan Laws 489.858 – Tax exemptions
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(1) All mortgages or other securities held by associations, are exempt from all municipal or other taxes under the laws of this state and all personal property owned by associations is exempt from taxation.
(2) Federal savings and loan associations and their members shall be subject to the same taxation and upon the same basis as state associations and their members.
Terms Used In Michigan Laws 489.858
- Personal property: All property that is not real property.
- 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