Michigan Laws 141.905 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
(1) “Local tax effort rate” for a city, village, or township means its local taxes divided by its taxable value.
(2) “Statewide tax effort rate” means the total local taxes in the state divided by the total taxable value.
Terms Used In Michigan Laws 141.905
- 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
(3) “Relative tax effort rate” means the local tax effort rate for a city, village, or township divided by the statewide tax effort rate.
(4) “Tax effort formula” means the method for computing, from the total amount of revenue available for distribution under the formula at any single time, the amount to be paid to a city, village, or township determined as follows:
(a) Multiply the relative tax effort for the city, village, or township by the population of the city, village, or township.
(b) Divide the total amount of revenue available for distribution under the formula at any single time by the sum of the products determined under subdivision (a).
(c) Multiply the quotient determined under subdivision (b) by the individual products determined under subdivision (a) for each city, village, or township.
(5) “Taxable value” means that value determined under section 27a of the general property tax act, Act No. 206 of the Public Acts of 1893, being section 211.27a of the Michigan Compiled Laws.