March 20, 2007, Introduced by Reps. Rick Jones, LaJoy, Wenke, Stahl, Mayes, Sheltrown, Farrah, Pearce, Elsenheimer and Polidori 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.