ELIGIBLE TAX REVERTED PROPERTY; LIEN H.B. 4984:
SUMMARY OF BILL
REPORTED FROM COMMITTEE
House Bill 4984 (as reported without amendment)
Sponsor: Representative Tom Barrett
CONTENT
The bill would amend the Tax Reverted Clean Title Act to do the following:
-- Provide that the eligible tax reverted property specific tax would become a lien on the eligible tax reverted property assessed on the same date that a tax becomes a lien on real property under the General Property Tax Act.
-- Require any unpaid specific tax and any applicable collection fee or interest to be returned as delinquent to the county treasurer at the same time as taxes are returned as delinquent under the General Property Tax Act, if the county treasurer consented.
-- Provide that the specific tax would be subject to the same collection fee and interest as taxes imposed under the General Property Tax Act.
MCL 211.1025 Legislative Analyst: Drew Krogulecki
FISCAL IMPACT
The bill would tend to increase State and local revenue by an indeterminate amount by extending the collection fees, interest, and lien provisions that currently apply to taxes levied under the General Property Tax Act to specific tax revenue due under the Tax Reverted Clean Title Act. State revenue to the School Aid Fund and State Land Bank Fast Track Authority would increase as would revenue to local units of government (excluding local and intermediate school districts because revenue attributable to the tax that would be disbursed to them goes to the School Aid Fund) and local land banks. The amount of additional revenue would depend on the number and location of parcels subject to the Tax Reverted Clean Title Act, the characteristics of that property, local millage rates, and delinquency rates.
Date Completed: 5-5-16 Fiscal Analyst: Elizabeth Pratt
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.