Section 211.1034 - Recapture tax; rate. - Michigan Statutes

QUALIFIED FOREST PROPERTY RECAPTURE TAX ACT (EXCERPT)
Act 379 of 2006

211.1034 Recapture tax; rate.

Sec. 4.

The recapture tax under this act shall be imposed at the following rate:

(a) If the property is converted by a change in use and there have not been 1 or more harvests of forest products on that property consistent with the approved forest management plan, the recapture tax shall be calculated in the following manner:

(i) Multiply the property's state equalized valuation at the time the property is converted by a change in use by the total millage rate levied by all taxing units in the local tax collecting unit in which the property is located.

(ii) Multiply the product of the calculation under subparagraph (i) by 7.

(iii) Multiply the product of the calculation under subparagraph (ii) by 2.

(b) If the property is converted by a change in use and there have been 1 or more harvests of forest products on that property consistent with the approved forest management plan, the recapture tax shall be calculated in the following manner:

(i) Multiply the property's state equalized valuation at the time the property is converted by a change in use by the total millage rate levied by all taxing units in the local tax collecting unit in which the property is located.

(ii) Multiply the product of the calculation under subparagraph (i) by 7.

(c) In addition to the recapture tax calculated under subdivision (a) or (b), if property is converted by a change in use and the taxable value of the property was not adjusted under section 27a(3) of the general property tax act, 1893 PA 206, MCL 211.27a, after a transfer of ownership of the property due to the provisions of section 27a(7)(o) of the general property tax act, 1893 PA 206, MCL 211.27a, the recapture tax shall include the benefit received on that property.

History: 2006, Act 379, Imd. Eff. Sept. 27, 2006