HOUSE BILL No. 4718

 

May 21, 2003, Introduced by Reps. Zelenko, Rivet, Waters, Dennis, Spade, Tobocman, Kolb, Vagnozzi, Whitmer and Reeves and referred to the Committee on Tax Policy.

        

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                

                                                                                 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 taxes levied after 1994, "additions" means, except as               

                                                                                

9   provided in subdivision (c), all of the following:                          

                                                                                

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

                                                                                


                                                                                

1   "omitted real property" means previously existing tangible real             

                                                                                

2   property not included in the assessment.  Omitted real property             

                                                                                

3   shall not increase taxable value as an addition unless the                  

                                                                                

4   assessing jurisdiction has a property record card or other                  

                                                                                

5   documentation showing that the omitted real property was not                

                                                                                

6   previously included in the assessment.  The assessing                       

                                                                                

7   jurisdiction has the burden of proof in establishing whether the            

                                                                                

8   omitted real property is included in the assessment.  Omitted               

                                                                                

9   real property for the current and the 2 immediately preceding               

                                                                                

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

                                                                                

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

                                                                                

12  established in section 154.  For purposes of determining the                

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

16  have had if the property had not been omitted.                              

                                                                                

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

                                                                                

18  subparagraph, "omitted personal property" means previously                  

                                                                                

19  existing tangible personal property not included in the                     

                                                                                

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

                                                                                

21  roll pursuant to section 154.                                               

                                                                                

22      (iii) New construction.  As used in this subparagraph and                    

                                                                                

23  subdivision (c)(iv), "new construction" means property not in                

                                                                                

24  existence on the immediately preceding tax day and not                      

                                                                                

25  replacement construction.  New construction includes the physical           

                                                                                

26  addition of equipment or furnishings, subject to the provisions             

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

3   construction multiplied by 0.50.                                            

                                                                                

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

                                                                                

5   subparagraph, "previously exempt property" means property that              

                                                                                

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

                                                                                

7   immediately preceding tax day but is subject to ad valorem                  

                                                                                

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

                                                                                

9   determining the taxable value of real property under section                

                                                                                

10  27a:                                                                        

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

15  and the lesser of 1.05 or the inflation rate.                               

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

19  1974 PA 198, MCL 207.552, that was previously exempt under                  

                                                                                

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

                                                                                

21  under this act if it had not been exempt.                                   

                                                                                

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

                                                                                

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

                                                                                

24  property multiplied by 0.50.                                                

                                                                                

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

                                                                                

26  "replacement construction" means construction that replaced                 

                                                                                

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


                                                                                

1   occurred after the immediately preceding tax day to the extent              

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

7   the replacement construction multiplied by a fraction the                   

                                                                                

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

                                                                                

9   the construction was added in the immediately preceding year and            

                                                                                

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

                                                                                

11  to which the construction was added in the immediately preceding            

                                                                                

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

                                                                                

13  rate.                                                                       

                                                                                

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

                                                                                

15  complete or partial remediation of environmental contamination              

                                                                                

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

                                                                                

17  environmental quality shall determine the degree of remediation             

                                                                                

18  based on information available in existing department of                    

                                                                                

19  environmental quality records or information made available to              

                                                                                

20  the department of environmental quality if the appropriate                  

                                                                                

21  assessing officer for a local tax collecting unit requests that             

                                                                                

22  determination.  The increase in taxable value attributable to the           

                                                                                

23  remediation is the increase in true cash value attributable to              

                                                                                

24  the remediation multiplied by a fraction the numerator of which             

                                                                                

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

                                                                                

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

                                                                                

27  property had it not been contaminated.                                      


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

9   attributable to the increased occupancy rate multiplied by a                

                                                                                

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

                                                                                

11  property in the immediately preceding year and the denominator of           

                                                                                

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

                                                                                

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

                                                                                

14  inflation rate.                                                             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

21  cash value of the property attributable to the available public             

                                                                                

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

                                                                                

23  year following the calendar year when those public services are             

                                                                                

24  initially available.                                                        

                                                                                

25      (c) For taxes levied after 1994, additions do not include                   

                                                                                

26  increased value attributable to any of the following:                       

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

5   property.                                                                   

                                                                                

6       (iv) New construction if it is occupied or will be occupied                  

                                                                                

7   by, or is used or will be used to assist in the care of, a family           

                                                                                

8   member who is 62 years of age or older or who is totally and                

                                                                                

9   permanently disabled.  As used in this subparagraph, "totally and           

                                                                                

10  permanently disabled" means disability as defined in section 216            

                                                                                

11  of title II of the social security act, 42 U.S.C. 416.                      

                                                                                

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

                                                                                

13  means taxable value under section 27a.                                      

                                                                                

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

                                                                                

15  preparing the budget of a unit of local government.                         

                                                                                

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

                                                                                

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

                                                                                

18  urban consumers as defined and officially reported by the United            

                                                                                

19  States department of labor, bureau of labor statistics.                     

                                                                                

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

                                                                                

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

                                                                                

22  property and the value of property taxed in the immediately                 

                                                                                

23  preceding year that has been exempted or removed from the                   

                                                                                

24  assessment unit's assessment roll.                                          

                                                                                

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

                                                                                

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

                                                                                

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


                                                                                

1   purposes of determining the taxable value of property under                 

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

5   property in the immediately preceding year and the denominator of           

                                                                                

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

                                                                                

7   preceding year.                                                             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

12  value of property exempted from ad valorem taxation under this              

                                                                                

13  act is the amount exempted.                                                 

                                                                                

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

                                                                                

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

                                                                                

16  For purposes of determining the taxable value of real property              

                                                                                

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

                                                                                

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

                                                                                

19  true cash value of the property attributable to the decreased               

                                                                                

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

                                                                                

21  the taxable value of the property in the immediately preceding              

                                                                                

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

                                                                                

23  property in the immediately preceding year.                                 

                                                                                

24      (iv) A decrease in taxable value attributable to                             

                                                                                

25  environmental contamination existing on the immediately preceding           

                                                                                

26  tax day.  The department of environmental quality shall determine           

                                                                                

27  the degree to which environmental contamination limits the use of           


                                                                                

1   property based on information available in existing department of           

                                                                                

2   environmental quality records or information made available to              

                                                                                

3   the department of environmental quality if the appropriate                  

                                                                                

4   assessing officer for a local tax collecting unit requests that             

                                                                                

5   determination.  The department of environmental quality's                   

                                                                                

6   determination of the degree to which environmental contamination            

                                                                                

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

                                                                                

8   established for the  classifications  categories set forth in               

                                                                                

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

                                                                                

10  the natural resources and environmental protection act,  Act                

                                                                                

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

                                                                                

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

                                                                                

13  decrease in taxable value attributable to the contamination is              

                                                                                

14  the decrease in true cash value attributable to the contamination           

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

18  it not been contaminated.                                                   

                                                                                

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

                                                                                

20  decreased value attributable to either of the following:                    

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

24  losses.                                                                     

                                                                                

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

                                                                                

26  limitation is being calculated.                                             

                                                                                

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


                                                                                

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

                                                                                

2   immediately preceding the current year divided by the general               

                                                                                

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

                                                                                

4   before the year immediately preceding the current year.                     

                                                                                

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

                                                                                

6   assessing officer of each township or city shall tabulate the               

                                                                                

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

                                                                                

8   and as modified by county equalization for each classification of           

                                                                                

9   property that is separately equalized for each unit of local                

                                                                                

10  government and provide the tabulated tentative taxable values to            

                                                                                

11  the county equalization director.  The tabulation by the                    

                                                                                

12  assessing officer shall contain additions and losses for each               

                                                                                

13  classification of property that is separately equalized for each            

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

17  township or city shall revise the calculations required by this             

                                                                                

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

                                                                                

19  May.  The county equalization director shall compute these                  

                                                                                

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

                                                                                

21  values for each classification of property that is separately               

                                                                                

22  equalized for each unit of local government that levies taxes               

                                                                                

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

                                                                                

24  equalization director shall cooperate with equalization directors           

                                                                                

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

                                                                                

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

                                                                                

27  county equalization director shall calculate the millage                    


                                                                                

1   reduction fraction for each unit of local government in the                 

                                                                                

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

                                                                                

3   taxing jurisdiction shall calculate the compounded millage                  

                                                                                

4   reduction fractions beginning in 1980 resulting from the                    

                                                                                

5   multiplication of successive millage reduction fractions and                

                                                                                

6   shall recognize a local voter action to increase the compounded             

                                                                                

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

                                                                                

8   fraction.  Upon request of the superintendent of the intermediate           

                                                                                

9   school district, the county equalization director shall transmit            

                                                                                

10  the complete computations of the taxable values to the                      

                                                                                

11  superintendent of the intermediate school district within that              

                                                                                

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

                                                                                

13  the county equalization director shall transmit the complete                

                                                                                

14  computations of the taxable values to the presidents of community           

                                                                                

15  colleges within the county.                                                 

                                                                                

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

                                                                                

17  county equalization director shall deliver the statement of the             

                                                                                

18  computations signed by the county equalization director to the              

                                                                                

19  county treasurer.                                                           

                                                                                

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

                                                                                

21  treasurer of each county shall certify the immediately preceding            

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

25  government that levies a property tax in the county.                        

                                                                                

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

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

4   governing body of the taxing jurisdiction has certified that the            

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

11  determined by reducing its maximum rate or rates authorized by              

                                                                                

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

                                                                                

13  this section without voter approval.                                        

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

18  immediately preceding year multiplied by the inflation rate and             

                                                                                

19  the denominator of the fraction shall be the total state                    

                                                                                

20  equalized valuation for the current year minus new construction             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

24  between the total state equalized valuation for the immediately             

                                                                                

25  preceding year minus losses 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 additions.  For ad           


                                                                                

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

                                                                                

2   the numerator of the fraction shall be the product of the                   

                                                                                

3   difference between the total taxable value for the immediately              

                                                                                

4   preceding year minus losses multiplied by the inflation rate and            

                                                                                

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

                                                                                

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

                                                                                

7   a millage reduction fraction shall not exceed 1.                            

                                                                                

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

                                                                                

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

                                                                                

10  previous year's compounded millage reduction fraction by the                

                                                                                

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

                                                                                

12  tax levies, the compounded millage reduction fraction for the               

                                                                                

13  year shall be multiplied by the maximum millage rate authorized             

                                                                                

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

                                                                                

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

                                                                                

16  reduction fraction shall not exceed 1.                                      

                                                                                

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

                                                                                

18  authorized millage approved by the voters.  The limitation on               

                                                                                

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

                                                                                

20  shall be calculated beginning with the millage reduction fraction           

                                                                                

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

                                                                                

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

                                                                                

23  following the voter authorization which shall be calculated                 

                                                                                

24  beginning with the millage reduction fraction for the year                  

                                                                                

25  following the authorization.  The first millage reduction                   

                                                                                

26  fraction used in calculating the limitation on millage approved             

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

4   specific purpose.                                                           

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

12  millage expires after 1993 and a local governmental unit is                 

                                                                                

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

                                                                                

14  ballot question shall ask for renewed authorization for the                 

                                                                                

15  number of expiring mills as reduced by the millage reduction                

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

21  applicable to that millage had it not expired.                              

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

25  payment of assessments or contract obligations in anticipation of           

                                                                                

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

                                                                                

27  1978, as provided by former section 4 of chapter I of the former            


                                                                                

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

                                                                                

2   or to taxes imposed for the payment of principal and interest on            

                                                                                

3   bonds or other evidence of indebtedness or for the payment of               

                                                                                

4   assessments or contract obligations in anticipation of which                

                                                                                

5   bonds are issued that are approved by the voters after December             

                                                                                

6   22, 1978.                                                                   

                                                                                

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

                                                                                

8   an incorrect millage reduction fraction has been applied, the               

                                                                                

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

                                                                                

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

                                                                                

11  that unit of local government after the determination of the                

                                                                                

12  authorized rate pursuant to this section.                                   

                                                                                

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

                                                                                

14  state equalization the taxable value of a unit of local                     

                                                                                

15  government changes, the millage reduction fraction for the year             

                                                                                

16  shall be recalculated.  The financial officer shall effectuate an           

                                                                                

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

                                                                                

18  prescribed in subsection (13).                                              

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

26  constitution of 1963 shall permanently reduce the maximum rate or           

                                                                                

27  rates authorized by law or charter.  The reduced maximum                    


                                                                                

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

                                                                                

2   maximum rate or rates authorized by law or charter before                   

                                                                                

3   application of this section multiplied by the  compound                     

                                                                                

4   compounded millage reduction applicable to that millage in 1994             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

9   millage reduction fraction and shall be adjusted for millage for            

                                                                                

10  which authorization has expired and new authorized millage                  

                                                                                

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