S.B. 147: COMMITTEE SUMMARY - PERSONAL PROP. TAX: DEPRECIATION

Senate Bill 147 (as introduced 2-11-97)

Sponsor: Senator Bill Bullard, Jr.

Committee: Finance

Date Completed: 10-27-97

CONTENT

The bill would amend the General Property Tax Act to require the State Tax Commission, before 1998, to review the personal property depreciation tables contained in the official assessor's manual and, if necessary, revise the tables to reflect accurately the market value of personal property to be depreciated.

Under the Act, all assessing officials with the duty of assessing real or personal property must use only the official assessor's manual or a manual approved by the Commission. The depreciation tables in the assessor's manual are based upon the age and type of personal property; and are used to determine the value of an item of personal property from year to year.

MCL 211.10e - Legislative Analyst: G. Towne

FISCAL IMPACT

Not enough data are available at this time to make an estimate of the bill's fiscal impact on State or local government.

- Fiscal Analyst: R. Ross

S9798\S147SA

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.