Sec. 10.
(1) The assessor of each city or township in which there is a speculative building, new facility, or replacement facility with respect to which 1 or more industrial facilities exemption certificates have been issued and are in force shall determine annually as of December 31 the value and taxable value of each facility separately, both for real and personal property, having the benefit of a certificate.
(2) The assessor, upon receipt of notice of the filing of an application for the issuance of a certificate, shall determine and furnish to the local legislative body and the commission the value of the property to which the application pertains and other information as may be necessary to permit the local legislative body and the commission to make the determinations required by section 9(1).
History: 1974, Act 198, Imd. Eff. July 9, 1974 ;-- Am. 1975, Act 302, Imd. Eff. Dec. 19, 1975 ;-- Am. 1982, Act 417, Imd. Eff. Dec. 28, 1982 ;-- Am. 1996, Act 1, Imd. Eff. Jan. 30, 1996 Popular Name: Act 198
Structure Michigan Compiled Laws
Act 198 of 1974 - Plant Rehabilitation and Industrial Development Districts (207.551 - 207.572)
Section 207.551 - Meanings of Certain Words and Phrases.
Section 207.552 - Definitions.
Section 207.553 - Additional Definitions.
Section 207.557a - Cost of Facility Exceeding Certain Amount of State Equalized Value.
Section 207.558 - Exemption of Facility and Certain Persons From Ad Valorem Taxes.
Section 207.560 - Annual Determination of Value of Facility.
Section 207.564a - Reduction of Mills Used to Calculate Tax Under MCL 207.564(3); Exception.
Section 207.564b - Repealed. 1994, Act 266, Imd. Eff. July 6, 1994.
Section 207.566a - Industrial Facilities Exemption Certificate; Provisions.
Section 207.569 - Form and Contents of Exemption Certificate.
Section 207.571 - Transfer and Assignment of Industrial Facilities Exemption Certificate.