Michigan Laws 123.1355 – Municipality that is local school district; duties of department
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 123.1355
- Captured value: means 1 or more of the following:
(i) For a tax increment finance authority under the brownfield redevelopment financing act, 1996 PA 381, MCL 125. See Michigan Laws 123.1345Department: means the department of treasury. See Michigan Laws 123.1345 Municipality: includes , but is not limited to, the following:
(i) Counties. See Michigan Laws 123.1345Personal 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
Not later than November 7, 2017, and each October 7 thereafter, for each municipality that is a local school district, the department shall do all of the following:
(a) Calculate the municipality’s personal property exemption loss.
(b) Multiply the result of the calculation in subdivision (a) by the individual millage levied under section 1212 of the revised school code, 1976 PA 451, MCL 380.1212, and section 2 of 1917 PA 156, MCL 123.52, as calculated under section 13(5).
(c) For calendar year 2017 calculations only, adjust the amount calculated under subdivision (b) by the amount required to reflect changes in prior year taxable values that affect any prior year calculation under this section and that can be calculated from taxable values reported under section 151(1) of the state school aid act of 1979, 1979 PA 94, MCL 388.1751.
(d) Subtract from the result of the calculation in subdivision (b), as adjusted by subdivision (c), the amount calculated under section 16a(2) for captured taxes levied by the municipality under section 1212 of the revised school code, 1976 PA 451, MCL 380.1212, and section 2 of 1917 PA 156, MCL 123.52, not including taxes attributable to increased captured value.