HOUSE BILL No. 5403


     December 3, 1997, Introduced by Reps. McBryde, Voorhees and Cropsey 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:

 1         Sec. 7m.  (1) Property owned  by,  or being acquired

 2     pursuant to,  UNDER an installment purchase agreement by a

 3    county, township, city, village, or school district used for A

 4    public  purposes  PURPOSE and property owned or being acquired by

 5    an agency, authority, instrumentality, nonprofit corporation,

 6    commission, or other separate legal entity comprised solely of,

 7     or which is  wholly owned by, or whose members consist solely of

 8    a political subdivision, a combination of political subdivisions,

 9    or a combination of political subdivisions and  the  THIS state

10    and  is  used to carry out a public purpose itself or on behalf

11    of a political subdivision,  or  a combination OF POLITICAL


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 1    SUBDIVISIONS, OR A COMBINATION OF POLITICAL SUBDIVISIONS AND THIS

 2    STATE is exempt from taxation under this act.

 3         (2) Parks shall be open to the GENERAL public.  generally. 

 4         (3) This exemption  shall  DOES not apply to property

 5    acquired after July 19, 1966  ,  unless a deed or other memoran-

 6    dum of conveyance is recorded in the county  where  IN WHICH the

 7    property is located before December 31 of the year of acquisition

 8     ,  or the local assessing officer is notified by registered mail

 9    of the acquisition before December 31 of the year of

10    acquisition.

11         (4) AS USED IN THIS SECTION, "PUBLIC PURPOSE" INCLUDES, BUT

12    IS NOT LIMITED TO, PROPERTY HELD FOR THE PURPOSE OF ECONOMIC

13    DEVELOPMENT.































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