Terms Used In Michigan Laws 211.1004

• Benefit received on that property: means the sum of the number of mills levied in the local tax collecting unit on the qualified agricultural property in each year of the benefit period, multiplied by the difference in each year of the benefit period between the true cash taxable value of the property and the property's taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1002
• Recapture tax: means the agricultural property recapture tax imposed under this act. See Michigan Laws 211.1002