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Document Type(s): MCLs
Public Act Number: 240
Public Act Year: 2022
(3 results found)
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Document Type Description
Section 211.14a Section Assessment of property in alternate location; definitions.
Section 211.27 Section "True cash value" defined; considerations in determining value; indicating exclusions from true cash value on assessment roll; subsection (2) applicable only to residential property; repairs considered normal repairs, replacement, and maintenance; exclusions from real estate sales data; classification as agricultural real property; "present economic income" defined; applicability of subsection (5); "nonprofit cooperative housing corporation" defined; value of transferred property; "purchase price" defined; additional definitions; "standard tool" defined.
Section 211.34d Section Definitions; tabulation of tentative taxable value; computation of amounts; calculation of millage reduction fraction; transmittal of computations; delivery of signed statement; certification; tax levy; limitation on number of mills; application of millage reduction fraction or limitation; voter approval of tax levy; incorrect millage reduction fraction; recalculation and rounding of fractions; publication of inflation rate; permanent reduction in maximum rates.