House Bill 4373

Sponsor: Rep. Nancy Cassis

Committee: Tax Policy

Complete to 5-14-99

A SUMMARY OF HOUSE BILL 4373 AS INTRODUCED 3-3-99

The bill would amend the General Property Tax Act to specify that, generally speaking, for taxes levied after December 31, 1998, buildings and improvements located upon leased real property would be taxed as real property to their owner if the value of the buildings or improvements was not otherwise included in the assessment of real property. Further, a building on leased land would bear the same classification as the parcel on which it is located.

Currently, the act says that buildings and improvements located upon leased real property are to be treated as personal property except where the value of the real property is also assessed to the lessee or owner of those buildings and improvements. This provision would apply only for taxes levied before January 1, 1999.

MCL 211.2 et al.

Analyst: C. Couch

This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.