FORECLOSING GOVERNMENTAL UNIT S.B. 574 (S-2):
FLOOR SUMMARY
Senate Bill 574 (Substitute S-2 as reported)
Committee: Local Government and Elections
CONTENT
The bill would amend the General Property Tax Act to allow a county board of commissioners to rescind a previous election to have the State foreclose forfeited property in the county.
Under the Act, on March 1 in each tax year, certified abandoned property and property that is delinquent for taxes, interest, penalties, and fees for the immediately preceding 12 months or more is forfeited to the county treasurer.
In the past, the Act allowed the board of commissioners of a county, by resolution and with the written concurrence of the county treasurer and county executive, to elect to have the State foreclose forfeited property. Under the bill, by a resolution adopted at a meeting held pursuant to the Open Meetings Act and with the written concurrence of the county treasurer and county executive, if any, the board of commissioners of a county that had elected to have the State foreclose property could rescind its prior resolution. The board of commissioners would have to forward a copy of the rescinding resolution and any concurrence to the Department of Treasury by November 30 of that year.
A county that rescinded its prior election would have to act as the foreclosing governmental unit for all property forfeited to the county treasurer after February 1 in the immediately following year.
MCL 211.78 Legislative Analyst: Julie Cassidy
FISCAL IMPACT
The bill would likely have an indeterminate and negligible impact on State and local unit revenue, but could change the distribution of expenses and revenue associated with foreclosures in affected counties.
Date Completed: 12-9-13 Fiscal Analyst: David Zin
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.