Sec. 4.
During the first year in which any property is subject to a specific tax under this act, the amount of the tax shall be not less than 75% of the ad valorem taxes levied and assessed against the property in the last year in which ad valorem taxes were levied and assessed against it; and during the second year in which the property is subject to the specific tax, the amount of tax shall be not less than 50% of the ad valorem taxes.
History: 1963, Act 68, Eff. Sept. 6, 1963
Structure Michigan Compiled Laws
Act 68 of 1963 - Iron Ore Tax (207.271 - 207.279)
Section 207.271 - Specific Taxation of Underground Beneficiated Iron Ore; Definitions.
Section 207.274 - Minimum Tax.
Section 207.275 - State Geologist; Determination of Tax, Apportionment Among Taxing Districts.
Section 207.276 - Curtailment and Resumption of Agglomeration or Beneficiation.
Section 207.277 - Separate Roll; Spread of Tax; Nonpayment; Distribution of Collections.
Section 207.279 - Specific Taxes in Lieu of Ad Valorem Taxes.