October 12, 2005, Introduced by Rep. Jones and referred to the Committee on Tax Policy.
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
by amending section 7m (MCL 211.7m), as added by 1980 PA 142.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
7m. (1) Property Except as otherwise provided in
subsection
(2), property owned by,
or being acquired pursuant to
,
an installment purchase agreement by a county,
township, city,
village,
or school district and that is used for to
carry out a
public purposes
purpose and property owned or being acquired
pursuant to an installment purchase agreement by an agency,
authority, instrumentality, nonprofit corporation, commission, or
other
separate legal entity comprised solely of, or which that is
wholly owned by, or whose members consist solely of a political
subdivision, a combination of political subdivisions, or a
combination
of political subdivisions and the this
state and that
is used to carry out a public purpose itself or on behalf of a
political
subdivision, or a combination of political
subdivisions, or a combination of political subdivisions and this
state,
is exempt from taxation
the collection of taxes under this
act.
Parks shall be open to the public generally. This
(2)
The exemption shall
under subsection (1) does not apply
to property
the following:
(a) Property acquired after July 19, 1966, unless a deed or
other
memorandum of conveyance is recorded in the county where
in
which the property is located before December 31 of the year of
acquisition, or the local assessing officer is notified by
registered mail of the acquisition before December 31 of the year
of acquisition.
(b) Property owned or being acquired pursuant to an
installment purchase agreement by a public retirement system and
that is held for investment purposes.