Michigan Laws 125.2794 – Report to commission
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Terms Used In Michigan Laws 125.2794
- Commercial housing property: means that portion of real property not occupied by an owner of that real property that is classified as residential real property under section 34c of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.2782
- Commission: means the state tax commission created by 1927 PA 360, MCL 209. See Michigan Laws 125.2782
- Obsolete property: means commercial property or commercial housing property, that is 1 or more of the following:
(i) Blighted, as that term is defined in section 2 of the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 125.2782Qualified local governmental unit: means 1 or more of the following:
(i) A city with a median family income of 150% or less of the statewide median family income as reported in the 1990 federal decennial census that meets 1 or more of the following criteria:
(A) Contains or has within its borders an eligible distressed area as that term is defined in section 11(u)(ii) and (iii) of the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 125.2782Rehabilitation: means changes to obsolete property other than replacement that are required to restore or modify the property, together with all appurtenances, to an economically efficient condition. See Michigan Laws 125.2782
Not later than October 15 each year, each qualified local governmental unit granting an obsolete property rehabilitation exemption shall report to the commission on the status of each exemption. The report must include the current value of the property to which the exemption pertains, the value on which the obsolete property rehabilitation tax is based, a current estimate of the number of jobs retained or created by the exemption, and a current estimate of the number of new residents occupying commercial housing property units covered by the exemption.