Bill Text: MI SB0420 | 2021-2022 | 101st Legislature | Introduced
Bill Title: Property tax: exemptions; certain community land trusts; exempt. Amends 1893 PA 206 (MCL 211.1 - 211.155) by adding sec. 7rr. TIE BAR WITH: SB 0421'21
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2021-05-06 - Referred To Committee On Finance [SB0420 Detail]
Download: Michigan-2021-SB0420-Introduced.html
SENATE BILL NO. 420
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
(MCL 211.1 to 211.155) by adding section 7rr.
the people of the state of michigan enact:
Sec. 7rr. (1) Beginning December 31, 2021, qualified community land trust property is exempt from the tax levied by a local school district for school operating purposes to the extent provided under section 1211 of the revised school code, 1976 PA 451, MCL 380.1211, if an owner of that qualified community land trust property claims an exemption as provided in this section.
(2) To claim the exemption under this section, an owner of qualified community land trust property must file an application with the local assessor in a time and manner prescribed by the department of treasury.
(3) As used in this section:
(a) "Community land trust" means a nonprofit corporation established by a local governmental unit to hold real property on behalf of the local governmental unit for the purpose of serving as the long-term steward of 1 or more community assets, including, but not limited to, affordable housing, civic buildings, community gardens, open spaces, parking facilities, sidewalks, and trails.
(b) "Local governmental unit" means a city, township, village, or county.
(c) "Qualified community land trust property" means real property held by a community land trust for the purpose described in subdivision (a).
Enacting section 1. This amendatory act does not take effect unless Senate Bill No. 421 of the 101st Legislature is enacted into law.
