SENATE BILL No. 13

 

 

January 8, 2003, Introduced by Senator JELINEK and referred to the Committee on Finance.

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 A bill to amend 1893 PA 206, entitled                                             

                                                                                

    "The general property tax act,"                                             

                                                                                

    by amending section 34d (MCL 211.34d), as amended by 1996 PA                

                                                                                

    476.                                                                        

                                                                                

                THE PEOPLE OF THE STATE OF MICHIGAN ENACT:                      

                                                                                

1       Sec. 34d.  (1) As used in this section or section 27a, or                   

                                                                                

2   section 3 or 31 of article IX of the state constitution of 1963:            

                                                                                

3       (a) For taxes levied before 1995, "additions" means all                     

                                                                                

4   increases in value caused by new construction or a physical                 

                                                                                

5   addition of equipment or furnishings, and the value of property             

                                                                                

6   that was exempt from taxes or not included on the assessment                

                                                                                

7   unit's immediately preceding year's assessment roll.                        

                                                                                

8       (b)  For  Except as otherwise provided in this subdivision or               

                                                                                

9   subdivision (c), for taxes levied after 1994, "additions" means             

                                                                                

10  , except as provided in subdivision (c),  all of the following:            

                                                                                


1                                                                                (i) Omitted real property.  As used in this subparagraph,                           

                                                                                

2   "omitted real property" means previously existing tangible real             

                                                                                

3   property not included in the assessment.  Omitted real property             

                                                                                

4   shall not increase taxable value as an addition unless the                  

                                                                                

5   assessing jurisdiction has a property record card or other                  

                                                                                

6   documentation showing that the omitted real property was not                

                                                                                

7   previously included in the assessment.  The assessing                       

                                                                                

8   jurisdiction has the burden of proof in establishing whether the            

                                                                                

9   omitted real property is included in the assessment.  Omitted               

                                                                                

10  real property for the current and the 2 immediately preceding               

                                                                                

11  years, discovered after the assessment roll has been completed,             

                                                                                

12  shall be added to the tax roll pursuant to the procedures                   

                                                                                

13  established in section 154.  For purposes of determining the                

                                                                                

14  taxable value of real property under section 27a, the value of              

                                                                                

15  omitted real property is based on the value and the ratio of                

                                                                                

16  taxable value to true cash value the omitted real property would            

                                                                                

17  have had if the property had not been omitted.                              

                                                                                

18      (ii) Omitted personal property.  As used in this                             

                                                                                

19  subparagraph, "omitted personal property" means previously                  

                                                                                

20  existing tangible personal property not included in the                     

                                                                                

21  assessment.  Omitted personal property shall be added to the tax            

                                                                                

22  roll pursuant to section 154.                                               

                                                                                

23      (iii) New construction.  As used in this subparagraph,                       

                                                                                

24  subparagraph (ix), and subdivision (c)(iv), "new construction"               

                                                                                

25  means property not in existence on the immediately preceding tax            

                                                                                

26  day and not replacement construction.  New construction includes            

                                                                                

27  the physical addition of equipment or furnishings, subject to the           

                                                                                


1   provisions set forth in section 27(2)(a) to (o).  For purposes of           

                                                                                

2   determining the taxable value of property under section 27a, the            

                                                                                

3   value of new construction is the true cash value of the new                 

                                                                                

4   construction multiplied by 0.50.                                            

                                                                                

5       (iv) Previously exempt property.  As used in this                            

                                                                                

6   subparagraph, "previously exempt property" means property that              

                                                                                

7   was exempt from ad valorem taxation under this act on the                   

                                                                                

8   immediately preceding tax day but is subject to ad valorem                  

                                                                                

9   taxation on the current tax day under this act.  For purposes of            

                                                                                

10  determining the taxable value of real property under section                

                                                                                

11  27a:                                                                        

                                                                                

12      (A) The value of property previously exempt under section 7u                

                                                                                

13  is the taxable value the entire parcel of property would have had           

                                                                                

14  if that property had not been exempt, minus the product of the              

                                                                                

15  entire parcel's taxable value in the immediately preceding year             

                                                                                

16  and the lesser of 1.05 or the inflation rate.                               

                                                                                

17      (B) The taxable value of property that is a facility as that                

                                                                                

18  term is defined in section 2 of  Act No. 198 of the Public Acts             

                                                                                

19  of 1974, being section 207.552 of the Michigan Compiled Laws                

                                                                                

20  1974 PA 198, MCL 207.552, that was previously exempt under                  

                                                                                

21  section 7k is the taxable value that property would have had                

                                                                                

22  under this act if it had not been exempt.                                   

                                                                                

23      (C) The value of property previously exempt under any other                 

                                                                                

24  section of law is the true cash value of the previously exempt              

                                                                                

25  property multiplied by 0.50.                                                

                                                                                

26      (v) Replacement construction.  As used in this subparagraph,                

                                                                                

27  "replacement construction" means construction that replaced                 

                                                                                


1   property damaged or destroyed by accident or act of God and that            

                                                                                

2   occurred after the immediately preceding tax day to the extent              

                                                                                

3   the construction's true cash value does not exceed the true cash            

                                                                                

4   value of property that was damaged or destroyed by accident or              

                                                                                

5   act of God in the immediately preceding 3 years.  For purposes of           

                                                                                

6   determining the taxable value of property under section 27a, the            

                                                                                

7   value of the replacement construction is the true cash value of             

                                                                                

8   the replacement construction multiplied by a fraction the                   

                                                                                

9   numerator of which is the taxable value of the property to which            

                                                                                

10  the construction was added in the immediately preceding year and            

                                                                                

11  the denominator of which is the true cash value of the property             

                                                                                

12  to which the construction was added in the immediately preceding            

                                                                                

13  year, and then multiplied by the lesser of 1.05 or the inflation            

                                                                                

14  rate.                                                                       

                                                                                

15      (vi) An increase in taxable value attributable to the                        

                                                                                

16  complete or partial remediation of environmental contamination              

                                                                                

17  existing on the immediately preceding tax day.  The department of           

                                                                                

18  environmental quality shall determine the degree of remediation             

                                                                                

19  based on information available in existing department of                    

                                                                                

20  environmental quality records or information made available to              

                                                                                

21  the department of environmental quality if the appropriate                  

                                                                                

22  assessing officer for a local tax collecting unit requests that             

                                                                                

23  determination.  The increase in taxable value attributable to the           

                                                                                

24  remediation is the increase in true cash value attributable to              

                                                                                

25  the remediation multiplied by a fraction the numerator of which             

                                                                                

26  is the taxable value of the property had it not been contaminated           

                                                                                

27  and the denominator of which is the true cash value of the                  

                                                                                


1   property had it not been contaminated.                                      

                                                                                

2       (vii) An increase in the value attributable to the property's                

                                                                                

3   occupancy rate if either a loss, as that term is defined in this            

                                                                                

4   section, had been previously allowed because of a decrease in the           

                                                                                

5   property's occupancy rate or if the value of new construction was           

                                                                                

6   reduced because of a below-market occupancy rate.  For purposes             

                                                                                

7   of determining the taxable value of property under section 27a,             

                                                                                

8   the value of an addition for the increased occupancy rate is the            

                                                                                

9   product of the increase in the true cash value of the property              

                                                                                

10  attributable to the increased occupancy rate multiplied by a                

                                                                                

11  fraction the numerator of which is the taxable value of the                 

                                                                                

12  property in the immediately preceding year and the denominator of           

                                                                                

13  which is the true cash value of the property in the immediately             

                                                                                

14  preceding year, and then multiplied by the lesser of 1.05 or the            

                                                                                

15  inflation rate.                                                             

                                                                                

16      (viii) Public services.  As used in this subparagraph,                        

                                                                                

17  "public services" means water service, sewer service, a primary             

                                                                                

18  access road, natural gas service, electrical service, telephone             

                                                                                

19  service, sidewalks, or street lighting.  For purposes of                    

                                                                                

20  determining the taxable value of real property under section 27a,           

                                                                                

21  the value of public services is the amount of increase in true              

                                                                                

22  cash value of the property attributable to the available public             

                                                                                

23  services multiplied by 0.50 and shall be added in the calendar              

                                                                                

24  year following the calendar year when those public services are             

                                                                                

25  initially available.                                                        

                                                                                

26      (ix) For taxes levied after December 31, 2003, new                          

                                                                                

27  construction, a mobile home assessable as real property under               

                                                                                


1   section 2a, or a similar structure, not previously considered an            

                                                                                

2   addition pursuant to subdivision (c)(iv), if the family member               

                                                                                

3   who occupied the new construction, mobile home, or similar                  

                                                                                

4   structure has not occupied the new construction, mobile home, or            

                                                                                

5   similar structure for 6 months or more.                                     

                                                                                

6       (c)  For  Except as otherwise provided in this subdivision,                 

                                                                                

7   for taxes levied after 1994, additions do not include increased             

                                                                                

8   value attributable to any of the following:                                 

                                                                                

9                                                                                (i) Platting, splits, or combinations of property.                                  

                                                                                

10      (ii) A change in the zoning of property.                                     

                                                                                

11      (iii) For the purposes of the calculation of the millage                     

                                                                                

12  reduction fraction under subsection (7) only, increased taxable             

                                                                                

13  value under section 27a(3) after a transfer of ownership of                 

                                                                                

14  property.                                                                   

                                                                                

15      (iv) For taxes levied after December 31, 2003, new                           

                                                                                

16  construction, a mobile home assessable as real property under               

                                                                                

17  section 2a, or a similar structure, if it is occupied or will be            

                                                                                

18  occupied by a family member who is 62 years of age or older.                

                                                                                

19      (d) "Assessed valuation of property as finally equalized"                   

                                                                                

20  means taxable value under section 27a.                                      

                                                                                

21      (e) "Financial officer" means the officer responsible for                   

                                                                                

22  preparing the budget of a unit of local government.                         

                                                                                

23      (f) "General price level" means the annual average of the 12                

                                                                                

24  monthly values for the United States consumer price index for all           

                                                                                

25  urban consumers as defined and officially reported by the United            

                                                                                

26  States department of labor, bureau of labor statistics.                     

                                                                                

27      (g) For taxes levied before 1995, "losses" means a decrease                 

                                                                                


1   in value caused by the removal or destruction of real or personal           

                                                                                

2   property and the value of property taxed in the immediately                 

                                                                                

3   preceding year that has been exempted or removed from the                   

                                                                                

4   assessment unit's assessment roll.                                          

                                                                                

5       (h) For taxes levied after 1994, "losses" means, except as                  

                                                                                

6   provided in subdivision (i), all of the following:                          

                                                                                

7                                                                                (i) Property that has been destroyed or removed.  For                               

                                                                                

8   purposes of determining the taxable value of property under                 

                                                                                

9   section 27a, the value of property destroyed or removed is the              

                                                                                

10  product of the true cash value of that property multiplied by a             

                                                                                

11  fraction the numerator of which is the taxable value of that                

                                                                                

12  property in the immediately preceding year and the denominator of           

                                                                                

13  which is the true cash value of that property in the immediately            

                                                                                

14  preceding year.                                                             

                                                                                

15      (ii) Property that was subject to ad valorem taxation under                  

                                                                                

16  this act in the immediately preceding year that is now exempt               

                                                                                

17  from ad valorem taxation under this act.  For purposes of                   

                                                                                

18  determining the taxable value of property under section 27a, the            

                                                                                

19  value of property exempted from ad valorem taxation under this              

                                                                                

20  act is the amount exempted.                                                 

                                                                                

21      (iii) An adjustment in value, if any, because of a decrease                  

                                                                                

22  in the property's occupancy rate, to the extent provided by law.            

                                                                                

23  For purposes of determining the taxable value of real property              

                                                                                

24  under section 27a, the value of a loss for a decrease in the                

                                                                                

25  property's occupancy rate is the product of the decrease in the             

                                                                                

26  true cash value of the property attributable to the decreased               

                                                                                

27  occupancy rate multiplied by a fraction the numerator of which is           

                                                                                


1   the taxable value of the property in the immediately preceding              

                                                                                

2   year and the denominator of which is the true cash value of the             

                                                                                

3   property in the immediately preceding year.                                 

                                                                                

4       (iv) A decrease in taxable value attributable to                             

                                                                                

5   environmental contamination existing on the immediately preceding           

                                                                                

6   tax day.  The department of environmental quality shall determine           

                                                                                

7   the degree to which environmental contamination limits the use of           

                                                                                

8   property based on information available in existing department of           

                                                                                

9   environmental quality records or information made available to              

                                                                                

10  the department of environmental quality if the appropriate                  

                                                                                

11  assessing officer for a local tax collecting unit requests that             

                                                                                

12  determination.  The department of environmental quality's                   

                                                                                

13  determination of the degree to which environmental contamination            

                                                                                

14  limits the use of property shall be based on the criteria                   

                                                                                

15  established for the  classifications  categories set forth in               

                                                                                

16  section 20120a(1)  of part 201 (environmental remediation)  of              

                                                                                

17  the natural resources and environmental protection act,  Act                

                                                                                

18  No. 451 of the Public Acts of 1994, being section 324.20120a of             

                                                                                

19  the Michigan Compiled Laws  1994 PA 451, MCL 324.20120a.  The               

                                                                                

20  decrease in taxable value attributable to the contamination is              

                                                                                

21  the decrease in true cash value attributable to the contamination           

                                                                                

22  multiplied by a fraction the numerator of which is the taxable              

                                                                                

23  value of the property had it not been contaminated and the                  

                                                                                

24  denominator of which is the true cash value of the property had             

                                                                                

25  it not been contaminated.                                                   

                                                                                

26      (i) For taxes levied after 1994, losses do not include                      

                                                                                

27  decreased value attributable to either of the following:                    

                                                                                


1                                                                                (i) Platting, splits, or combinations of property.                                  

                                                                                

2       (ii) A change in the zoning of property.                                     

                                                                                

3       (j) "New construction and improvements" means additions less                

                                                                                

4   losses.                                                                     

                                                                                

5       (k) "Current year" means the year for which the millage                     

                                                                                

6   limitation is being calculated.                                             

                                                                                

7                                                                                (l) "Inflation rate" means the ratio of the general price                           

                                                                                

8   level for the state fiscal year ending in the calendar year                 

                                                                                

9   immediately preceding the current year divided by the general               

                                                                                

10  price level for the state fiscal year ending in the calendar year           

                                                                                

11  before the year immediately preceding the current year.                     

                                                                                

12      (2) On or before the first Monday in May of each year, the                  

                                                                                

13  assessing officer of each township or city shall tabulate the               

                                                                                

14  tentative taxable value as approved by the local board of review            

                                                                                

15  and as modified by county equalization for each classification of           

                                                                                

16  property that is separately equalized for each unit of local                

                                                                                

17  government and provide the tabulated tentative taxable values to            

                                                                                

18  the county equalization director.  The tabulation by the                    

                                                                                

19  assessing officer shall contain additions and losses for each               

                                                                                

20  classification of property that is separately equalized for each            

                                                                                

21  unit of local government or part of a unit of local government in           

                                                                                

22  the township or city.  If as a result of state equalization the             

                                                                                

23  taxable value of property changes, the assessing officer of each            

                                                                                

24  township or city shall revise the calculations required by this             

                                                                                

25  subsection on or before the Friday following the fourth Monday in           

                                                                                

26  May.  The county equalization director shall compute these                  

                                                                                

27  amounts and the current and immediately preceding year's taxable            

                                                                                


1   values for each classification of property that is separately               

                                                                                

2   equalized for each unit of local government that levies taxes               

                                                                                

3   under this act within the boundary of the county.  The county               

                                                                                

4   equalization director shall cooperate with equalization directors           

                                                                                

5   of neighboring counties, as necessary, to make the computation              

                                                                                

6   for units of local government located in more than 1 county.  The           

                                                                                

7   county equalization director shall calculate the millage                    

                                                                                

8   reduction fraction for each unit of local government in the                 

                                                                                

9   county for the current year.  The financial officer for each                

                                                                                

10  taxing jurisdiction shall calculate the compounded millage                  

                                                                                

11  reduction fractions beginning in 1980 resulting from the                    

                                                                                

12  multiplication of successive millage reduction fractions and                

                                                                                

13  shall recognize a local voter action to increase the compounded             

                                                                                

14  millage reduction fraction to a maximum of 1 as a new beginning             

                                                                                

15  fraction.  Upon request of the superintendent of the intermediate           

                                                                                

16  school district, the county equalization director shall transmit            

                                                                                

17  the complete computations of the taxable values to the                      

                                                                                

18  superintendent of the intermediate school district within that              

                                                                                

19  county.  At the request of the presidents of community colleges,            

                                                                                

20  the county equalization director shall transmit the complete                

                                                                                

21  computations of the taxable values to the presidents of community           

                                                                                

22  colleges within the county.                                                 

                                                                                

23      (3) On or before the first Monday in June of each year, the                 

                                                                                

24  county equalization director shall deliver the statement of the             

                                                                                

25  computations signed by the county equalization director to the              

                                                                                

26  county treasurer.                                                           

                                                                                

27      (4) On or before the second Monday in June of each year, the                

                                                                                


1   treasurer of each county shall certify the immediately preceding            

                                                                                

2   year's taxable values, the current year's taxable values, the               

                                                                                

3   amount of additions and losses for the current year, and the                

                                                                                

4   current year's millage reduction fraction for each unit of local            

                                                                                

5   government that levies a property tax in the county.                        

                                                                                

6       (5) The financial officer of each unit of local government                  

                                                                                

7   shall make the computation of the tax rate using the data                   

                                                                                

8   certified by the county treasurer and the state tax commission.             

                                                                                

9   At the annual session in October, the county board of                       

                                                                                

10  commissioners shall not authorize the levy of a tax unless the              

                                                                                

11  governing body of the taxing jurisdiction has certified that the            

                                                                                

12  requested millage has been reduced, if necessary, in compliance             

                                                                                

13  with section 31 of article IX of the state constitution of 1963.            

                                                                                

14      (6) The number of mills permitted to be levied in a tax year                

                                                                                

15  is limited as provided in this section pursuant to section 31 of            

                                                                                

16  article IX of the state constitution of 1963.  A unit of local              

                                                                                

17  government shall not levy a tax rate greater than the rate                  

                                                                                

18  determined by reducing its maximum rate or rates authorized by              

                                                                                

19  law or charter by a millage reduction fraction as provided in               

                                                                                

20  this section without voter approval.                                        

                                                                                

21      (7) A millage reduction fraction shall be determined for each               

                                                                                

22  year for each local unit of government.  For ad valorem property            

                                                                                

23  taxes that became a lien before January 1, 1983, the numerator of           

                                                                                

24  the fraction shall be the total state equalized valuation for the           

                                                                                

25  immediately preceding year multiplied by the inflation rate and             

                                                                                

26  the denominator of the fraction shall be the total state                    

                                                                                

27  equalized valuation for the current year minus new construction             

                                                                                


1   and improvements.  For ad valorem property taxes that become a              

                                                                                

2   lien after December 31, 1982 and through December 31, 1994, the             

                                                                                

3   numerator of the fraction shall be the product of the difference            

                                                                                

4   between the total state equalized valuation for the immediately             

                                                                                

5   preceding year minus losses multiplied by the inflation rate and            

                                                                                

6   the denominator of the fraction shall be the total state                    

                                                                                

7   equalized valuation for the current year minus additions.  For ad           

                                                                                

8   valorem property taxes that are levied after December 31, 1994,             

                                                                                

9   the numerator of the fraction shall be the product of the                   

                                                                                

10  difference between the total taxable value for the immediately              

                                                                                

11  preceding year minus losses multiplied by the inflation rate and            

                                                                                

12  the denominator of the fraction shall be the total taxable value            

                                                                                

13  for the current year minus additions.  For each year after 1993,            

                                                                                

14  a millage reduction fraction shall not exceed 1.                            

                                                                                

15      (8) The compounded millage reduction fraction for each year                 

                                                                                

16  after 1980 shall be calculated by multiplying the local unit's              

                                                                                

17  previous year's compounded millage reduction fraction by the                

                                                                                

18  current year's millage reduction fraction.  Beginning with 1980             

                                                                                

19  tax levies, the compounded millage reduction fraction for the               

                                                                                

20  year shall be multiplied by the maximum millage rate authorized             

                                                                                

21  by law or charter for the unit of local government for the year,            

                                                                                

22  except as provided by subsection (9).  A compounded millage                 

                                                                                

23  reduction fraction shall not exceed 1.                                      

                                                                                

24      (9) The millage reduction shall be determined separately for                

                                                                                

25  authorized millage approved by the voters.  The limitation on               

                                                                                

26  millage authorized by the voters on or before May 31 of a year              

                                                                                

27  shall be calculated beginning with the millage reduction fraction           

                                                                                


1   for that year.  Millage authorized by the voters after May 31               

                                                                                

2   shall not be subject to a millage reduction until the year                  

                                                                                

3   following the voter authorization which shall be calculated                 

                                                                                

4   beginning with the millage reduction fraction for the year                  

                                                                                

5   following the authorization.  The first millage reduction                   

                                                                                

6   fraction used in calculating the limitation on millage approved             

                                                                                

7   by the voters after January 1, 1979 shall not exceed 1.                     

                                                                                

8       (10) A millage reduction fraction shall be applied separately               

                                                                                

9   to the aggregate maximum millage rate authorized by a charter and           

                                                                                

10  to each maximum millage rate authorized by state law for a                  

                                                                                

11  specific purpose.                                                           

                                                                                

12      (11) A unit of local government may submit to the voters for                

                                                                                

13  their approval the levy in that year of a tax rate in excess of             

                                                                                

14  the limit set by this section.  The ballot question shall ask the           

                                                                                

15  voters to approve the levy of a specific number of mills in                 

                                                                                

16  excess of the limit.  The provisions of this section do not allow           

                                                                                

17  the levy of a millage rate in excess of the maximum rate                    

                                                                                

18  authorized by law or charter.  If the authorization to levy                 

                                                                                

19  millage expires after 1993 and a local governmental unit is                 

                                                                                

20  asking voters to renew the authorization to levy the millage, the           

                                                                                

21  ballot question shall ask for renewed authorization for the                 

                                                                                

22  number of expiring mills as reduced by the millage reduction                

                                                                                

23  required by this section.  If the election occurs before June 1             

                                                                                

24  of a year, the millage reduction is based on the immediately                

                                                                                

25  preceding year's millage reduction applicable to that millage.              

                                                                                

26  If the election occurs after May 31 of a year, the millage                  

                                                                                

27  reduction shall be based on that year's millage reduction                   

                                                                                


1   applicable to that millage had it not expired.                              

                                                                                

2       (12) A reduction or limitation under this section shall not                 

                                                                                

3   be applied to taxes imposed for the payment of principal and                

                                                                                

4   interest on bonds or other evidence of indebtedness or for the              

                                                                                

5   payment of assessments or contract obligations in anticipation of           

                                                                                

6   which bonds are issued that were authorized before December 23,             

                                                                                

7   1978, as provided by former section 4 of chapter I of  the                  

                                                                                

8   municipal finance act, Act No. 202 of the Public Acts of 1943               

                                                                                

9   former 1943 PA 202, or to taxes imposed for the payment of                  

                                                                                

10  principal and interest on bonds or other evidence of indebtedness           

                                                                                

11  or for the payment of assessments or contract obligations in                

                                                                                

12  anticipation of which bonds are issued that are approved by the             

                                                                                

13  voters after December 22, 1978.                                             

                                                                                

14      (13) If it is determined subsequent to the levy of a tax that               

                                                                                

15  an incorrect millage reduction fraction has been applied, the               

                                                                                

16  amount of additional tax revenue or the shortage of tax revenue             

                                                                                

17  shall be deducted from or added to the next regular tax levy for            

                                                                                

18  that unit of local government after the determination of the                

                                                                                

19  authorized rate pursuant to this section.                                   

                                                                                

20      (14) If as a result of an appeal of county equalization or                  

                                                                                

21  state equalization the taxable value of a unit of local                     

                                                                                

22  government changes, the millage reduction fraction for the year             

                                                                                

23  shall be recalculated.  The financial officer shall effectuate an           

                                                                                

24  addition or reduction of tax revenue in the same manner as                  

                                                                                

25  prescribed in subsection (13).                                              

                                                                                

26      (15) The fractions calculated pursuant to this section shall                

                                                                                

27  be rounded to 4 decimal places, except that the inflation rate              

                                                                                


1   shall be computed by the state tax commission and shall be                  

                                                                                

2   rounded to 3 decimal places.  The state tax commission shall                

                                                                                

3   publish the inflation rate before March 1 of each year.                     

                                                                                

4       (16) Beginning with taxes levied in 1994, the millage                       

                                                                                

5   reduction required by section 31 of article IX of the state                 

                                                                                

6   constitution of 1963 shall permanently reduce the maximum rate or           

                                                                                

7   rates authorized by law or charter.  The reduced maximum                    

                                                                                

8   authorized rate or rates for 1994 shall equal the product of the            

                                                                                

9   maximum rate or rates authorized by law or charter before                   

                                                                                

10  application of this section multiplied by the  compound                     

                                                                                

11  compounded millage reduction applicable to that millage in 1994             

                                                                                

12  pursuant to subsections (8) to (12).  The reduced maximum                   

                                                                                

13  authorized rate or rates for 1995 and each year after 1995 shall            

                                                                                

14  equal the product of the immediately preceding year's reduced               

                                                                                

15  maximum authorized rate or rates multiplied by the current year's           

                                                                                

16  millage reduction fraction and shall be adjusted for millage for            

                                                                                

17  which authorization has expired and new authorized millage                  

                                                                                

18  approved by the voters pursuant to subsections (8) to (12).