Michigan Laws 487.3804 – Tax exemptions
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A savings bank subject to this act shall have the following tax exemptions:
(a) All mortgages or other securities held by savings banks are exempt from all municipal or other taxes under the laws of this state.
Terms Used In Michigan Laws 487.3804
- Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
- 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
(b) All personal property owned by savings banks is exempt from taxation.