HOUSE BILL No. 6017

 

June 9, 2004, Introduced by Reps. Pappageorge, Meisner, O'Neil, Condino, Law, Jamnick, Caul, Howell, Newell, LaSata, Hager, Shackleton, Nitz, Garfield, Ehardt, Gaffney, Stakoe, Brown, Plakas, Lipsey, Julian and Amos 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, "new                  

                                                                                

23  construction" means property not in existence on the immediately            

                                                                                

24  preceding tax day and not replacement construction.  New                    

                                                                                

25  construction includes the physical addition of equipment or                 

                                                                                

26  furnishings, subject to the provisions set forth in section                 

                                                                                

27  27(2)(a) to (o).  For purposes of determining the taxable value             


                                                                                

1   of property under section 27a, the value of new construction is             

                                                                                

2   the true cash value of the new construction multiplied by 0.50.             

                                                                                

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

                                                                                

4   subparagraph, "previously exempt property" means property that              

                                                                                

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

                                                                                

6   immediately preceding tax day but is subject to ad valorem                  

                                                                                

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

                                                                                

8   determining the taxable value of real property under section                

                                                                                

9   27a:                                                                        

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

14  and the lesser of 1.05 or the inflation rate.                               

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

18  1974 PA 198, MCL 207.552, that was previously exempt under                  

                                                                                

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

                                                                                

20  under this act if it had not been exempt.                                   

                                                                                

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

                                                                                

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

                                                                                

23  property multiplied by 0.50.                                                

                                                                                

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

                                                                                

25  "replacement construction" means construction that replaced                 

                                                                                

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

                                                                                

27  occurred after the immediately preceding tax day to the extent              


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

6   the replacement construction multiplied by a fraction the                   

                                                                                

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

                                                                                

8   the construction was added in the immediately preceding year and            

                                                                                

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

                                                                                

10  to which the construction was added in the immediately preceding            

                                                                                

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

                                                                                

12  rate.                                                                       

                                                                                

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

                                                                                

14  complete or partial remediation of environmental contamination              

                                                                                

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

                                                                                

16  environmental quality shall determine the degree of remediation             

                                                                                

17  based on information available in existing department of                    

                                                                                

18  environmental quality records or information made available to              

                                                                                

19  the department of environmental quality if the appropriate                  

                                                                                

20  assessing officer for a local tax collecting unit requests that             

                                                                                

21  determination.  The increase in taxable value attributable to the           

                                                                                

22  remediation is the increase in true cash value attributable to              

                                                                                

23  the remediation multiplied by a fraction the numerator of which             

                                                                                

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

                                                                                

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

                                                                                

26  property had it not been contaminated.                                      

                                                                                

27      (vii) An increase in the value attributable to the                           


                                                                                

1   property's occupancy rate if either a loss, as that term is                 

                                                                                

2   defined in this section, had been previously allowed because of a           

                                                                                

3   decrease in the property's occupancy rate or if the value of new            

                                                                                

4   construction was reduced because of a below-market occupancy                

                                                                                

5   rate.  For purposes of determining the taxable value of property            

                                                                                

6   under section 27a, the value of an addition for the increased               

                                                                                

7   occupancy rate is the product of the increase in the true cash              

                                                                                

8   value of the property attributable to the increased occupancy               

                                                                                

9   rate multiplied by a fraction the numerator of which is the                 

                                                                                

10  taxable value of the property in the immediately preceding year             

                                                                                

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

                                                                                

12  property in the immediately preceding year, and then multiplied             

                                                                                

13  by the lesser of 1.05 or the inflation rate.                                

                                                                                

14      (vii)  (viii)  Public services.  As used in this                               

                                                                                

15  subparagraph, "public services" means water service, sewer                  

                                                                                

16  service, a primary access road, natural gas service, electrical             

                                                                                

17  service, telephone service, sidewalks, or street lighting.  For             

                                                                                

18  purposes of determining the taxable value of real property under            

                                                                                

19  section 27a, the value of public services is the amount of                  

                                                                                

20  increase in true cash value of the property attributable to the             

                                                                                

21  available public services multiplied by 0.50 and shall be added             

                                                                                

22  in the calendar year following the calendar year when those                 

                                                                                

23  public services are initially available.                                    

                                                                                

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

                                                                                

25  increased value attributable to any of the following:                       

                                                                                

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

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

4   property.                                                                   

                                                                                

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

                                                                                

6   means taxable value under section 27a.                                      

                                                                                

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

                                                                                

8   preparing the budget of a unit of local government.                         

                                                                                

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

                                                                                

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

                                                                                

11  urban consumers as defined and officially reported by the United            

                                                                                

12  States department of labor, bureau of labor statistics.                     

                                                                                

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

                                                                                

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

                                                                                

15  property and the value of property taxed in the immediately                 

                                                                                

16  preceding year that has been exempted or removed from the                   

                                                                                

17  assessment unit's assessment roll.                                          

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

21  purposes of determining the taxable value of property under                 

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

25  property in the immediately preceding year and the denominator of           

                                                                                

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

                                                                                

27  preceding year.                                                             


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

5   value of property exempted from ad valorem taxation under this              

                                                                                

6   act is the amount exempted.                                                 

                                                                                

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

                                                                                

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

                                                                                

9   For purposes of determining the taxable value of real property              

                                                                                

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

                                                                                

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

                                                                                

12  true cash value of the property attributable to the decreased               

                                                                                

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

                                                                                

14  the taxable value of the property in the immediately preceding              

                                                                                

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

                                                                                

16  property in the immediately preceding year.                                 

                                                                                

17      (iii)  (iv)  A decrease in taxable value attributable to                      

                                                                                

18  environmental contamination existing on the immediately preceding           

                                                                                

19  tax day.  The department of environmental quality shall determine           

                                                                                

20  the degree to which environmental contamination limits the use of           

                                                                                

21  property based on information available in existing department of           

                                                                                

22  environmental quality records or information made available to              

                                                                                

23  the department of environmental quality if the appropriate                  

                                                                                

24  assessing officer for a local tax collecting unit requests that             

                                                                                

25  determination.  The department of environmental quality's                   

                                                                                

26  determination of the degree to which environmental contamination            

                                                                                

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


                                                                                

1   established for the  classifications  categories set forth in               

                                                                                

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

                                                                                

3   the natural resources and environmental protection act,  Act                

                                                                                

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

                                                                                

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

                                                                                

6   decrease in taxable value attributable to the contamination is              

                                                                                

7   the decrease in true cash value attributable to the contamination           

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

11  it not been contaminated.                                                   

                                                                                

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

                                                                                

13  decreased value attributable to either of the following:                    

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

17  losses.                                                                     

                                                                                

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

                                                                                

19  limitation is being calculated.                                             

                                                                                

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

                                                                                

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

                                                                                

22  immediately preceding the current year divided by the general               

                                                                                

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

                                                                                

24  before the year immediately preceding the current year.                     

                                                                                

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

                                                                                

26  assessing officer of each township or city shall tabulate the               

                                                                                

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


                                                                                

1   and as modified by county equalization for each classification of           

                                                                                

2   property that is separately equalized for each unit of local                

                                                                                

3   government and provide the tabulated tentative taxable values to            

                                                                                

4   the county equalization director.  The tabulation by the                    

                                                                                

5   assessing officer shall contain additions and losses for each               

                                                                                

6   classification of property that is separately equalized for each            

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

10  township or city shall revise the calculations required by this             

                                                                                

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

                                                                                

12  May.  The county equalization director shall compute these                  

                                                                                

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

                                                                                

14  values for each classification of property that is separately               

                                                                                

15  equalized for each unit of local government that levies taxes               

                                                                                

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

                                                                                

17  equalization director shall cooperate with equalization directors           

                                                                                

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

                                                                                

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

                                                                                

20  county equalization director shall calculate the millage                    

                                                                                

21  reduction fraction for each unit of local government in the                 

                                                                                

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

                                                                                

23  taxing jurisdiction shall calculate the compounded millage                  

                                                                                

24  reduction fractions beginning in 1980 resulting from the                    

                                                                                

25  multiplication of successive millage reduction fractions and                

                                                                                

26  shall recognize a local voter action to increase the compounded             

                                                                                

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


                                                                                

1   fraction.  Upon request of the superintendent of the intermediate           

                                                                                

2   school district, the county equalization director shall transmit            

                                                                                

3   the complete computations of the taxable values to the                      

                                                                                

4   superintendent of the intermediate school district within that              

                                                                                

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

                                                                                

6   the county equalization director shall transmit the complete                

                                                                                

7   computations of the taxable values to the presidents of community           

                                                                                

8   colleges within the county.                                                 

                                                                                

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

                                                                                

10  county equalization director shall deliver the statement of the             

                                                                                

11  computations signed by the county equalization director to the              

                                                                                

12  county treasurer.                                                           

                                                                                

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

                                                                                

14  treasurer of each county shall certify the immediately preceding            

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

18  government that levies a property tax in the county.                        

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

24  governing body of the taxing jurisdiction has certified that the            

                                                                                

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

                                                                                

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

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

4   determined by reducing its maximum rate or rates authorized by              

                                                                                

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

                                                                                

6   this section without voter approval.                                        

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

11  immediately preceding year multiplied by the inflation rate and             

                                                                                

12  the denominator of the fraction shall be the total state                    

                                                                                

13  equalized valuation for the current year minus new construction             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

17  between the total state equalized valuation for the immediately             

                                                                                

18  preceding year minus losses 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 additions.  For ad           

                                                                                

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

                                                                                

22  the numerator of the fraction shall be the product of the                   

                                                                                

23  difference between the total taxable value for the immediately              

                                                                                

24  preceding year minus losses multiplied by the inflation rate and            

                                                                                

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

                                                                                

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

                                                                                

27  a millage reduction fraction shall not exceed 1.                            


                                                                                

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

                                                                                

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

                                                                                

3   previous year's compounded millage reduction fraction by the                

                                                                                

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

                                                                                

5   tax levies, the compounded millage reduction fraction for the               

                                                                                

6   year shall be multiplied by the maximum millage rate authorized             

                                                                                

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

                                                                                

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

                                                                                

9   reduction fraction shall not exceed 1.                                      

                                                                                

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

                                                                                

11  authorized millage approved by the voters.  The limitation on               

                                                                                

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

                                                                                

13  shall be calculated beginning with the millage reduction fraction           

                                                                                

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

                                                                                

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

                                                                                

16  following the voter authorization which shall be calculated                 

                                                                                

17  beginning with the millage reduction fraction for the year                  

                                                                                

18  following the authorization.  The first millage reduction                   

                                                                                

19  fraction used in calculating the limitation on millage approved             

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

24  specific purpose.                                                           

                                                                                

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

                                                                                

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

                                                                                

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


                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

5   millage expires after 1993 and a local governmental unit is                 

                                                                                

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

                                                                                

7   ballot question shall ask for renewed authorization for the                 

                                                                                

8   number of expiring mills as reduced by the millage reduction                

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

14  applicable to that millage had it not expired.                              

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

18  payment of assessments or contract obligations in anticipation of           

                                                                                

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

                                                                                

20  1978, as provided by former section 4 of chapter I of the                   

                                                                                

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

                                                                                

22  1943 PA 202, or to taxes imposed for the payment of principal and           

                                                                                

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

                                                                                

24  payment of assessments or contract obligations in anticipation of           

                                                                                

25  which bonds are issued that are approved by the voters after                

                                                                                

26  December 22, 1978.                                                          

                                                                                

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


                                                                                

1   an incorrect millage reduction fraction has been applied, the               

                                                                                

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

                                                                                

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

                                                                                

4   that unit of local government after the determination of the                

                                                                                

5   authorized rate pursuant to this section.                                   

                                                                                

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

                                                                                

7   state equalization the taxable value of a unit of local                     

                                                                                

8   government changes, the millage reduction fraction for the year             

                                                                                

9   shall be recalculated.  The financial officer shall effectuate an           

                                                                                

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

                                                                                

11  prescribed in subsection (13).                                              

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

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

                                                                                

19  constitution of 1963 shall permanently reduce the maximum rate or           

                                                                                

20  rates authorized by law or charter.  The reduced maximum                    

                                                                                

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

                                                                                

22  maximum rate or rates authorized by law or charter before                   

                                                                                

23  application of this section multiplied by the  compound                     

                                                                                

24  compounded millage reduction applicable to that millage in 1994             

                                                                                

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

                                                                                

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

                                                                                

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


                                                                                

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

                                                                                

2   millage reduction fraction and shall be adjusted for millage for            

                                                                                

3   which authorization has expired and new authorized millage                  

                                                                                

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