A bill to amend 1893 PA 206, entitled “The general property tax act,” by amending sections 27 and 34d (MCL 211.27 and 211.34d), as amended by 2022 PA 240, and by adding section 9q.
House Bill No. 5744 aims to amend the General Property Tax Act by exempting qualified hydrogen fuel pumps from property taxes if they are classified as industrial or commercial personal property, effective for taxes levied after December 31, 2024. These pumps are defined as devices used to fill motor vehicles with hydrogen fuel and must meet specific pressure standards. The bill also clarifies the definition of "true cash value" for property assessment, stating that normal repairs, replacements, and maintenance should not increase a property's assessed value until it is sold, and lists specific types of maintenance for residential properties that should not affect their assessed value.
Additionally, the bill addresses how taxable value can increase due to environmental remediation and the addition of public services, and clarifies terms such as assessed valuation, financial officer, general price level, and losses for tax purposes. It outlines the responsibilities of county equalization directors and financial officers in calculating and certifying taxable values and millage reduction fractions for local governments, including how these fractions are calculated, applied, and adjusted in case of errors or appeals. The bill also discusses the permanent reduction of maximum authorized millage rates starting from 1994, with adjustments based on the millage reduction fraction and voter-approved changes.
Introduced
by
Referred to the Committee on Tax Policy
