Title 207, TAXATION

Sec. 5. The legislative body of the qualified local governmental unit, not more than 60 business days after receipt of the application by the clerk, shall by resolution either approve or disapprove the application for a certificate in accordance with the provisions of this act. T…

Sec. 6. (1) Not more than 120 days after receipt of a copy of the application and resolution adopted under section 5, the commission shall approve or disapprove the resolution. (2) Following approval of the application by the legislative body of the qualified local governmental u…

Sec. 7. (1) A qualified residential facility for which a certificate is in effect, but not the land on which the qualified residential facility is located, for the period on and after the effective date of the certificate and continuing so long as the certificate is in force, is …

Sec. 8. (1) If the taxable value of the property proposed to be exempt pursuant to an application under consideration, considered together with the aggregate taxable value of property exempt under certificates previously granted and currently in force under this act or under 1974…

Sec. 9. The assessor of each qualified local governmental unit in which there is a qualified residential facility with respect to which 1 or more certificates have been issued and are in force shall determine annually as of December 31 the taxable value of each qualified resident…

Sec. 10. (1) The residential housing facility tax is levied upon every owner of a qualified residential facility to which a certificate is issued under this act. (2) Except as otherwise provided in this section, the amount of the residential housing facility tax on a new resident…

Sec. 11. The amount of the specific tax, until paid, is a lien upon the real property to which the certificate is applicable. Proceedings upon the lien as provided by law for the foreclosure in the circuit court of mortgage liens upon real property may commence only upon the fili…

Sec. 12. (1) The legislative body of the qualified local governmental unit may, by resolution, revoke the certificate of a qualified residential facility if it finds that the completion of the qualified residential facility has not occurred within the time authorized by the legis…

Sec. 13. A certificate may be transferred and assigned by the holder of the certificate to a new owner of the qualified residential facility if the qualified local governmental unit approves the transfer after application by the new owner.

Sec. 14. Not later than June 15 each year, each qualified local governmental unit granting a certificate shall report to the commission on the status of each exemption. The report must include the current taxable value of the property to which the exemption pertains.

Sec. 15. (1) The department shall annually prepare and submit to the committees of the house of representatives and senate responsible for tax policy and economic development issues a report on the utilization of residential housing districts, based on the information filed with …

Sec. 16. A new exemption must not be granted under this act after December 31, 2027, but an exemption then in effect must continue until the expiration of the certificate.