Sec. 5.
(1) The recapture tax shall be collected by the county treasurer and deposited with the treasurer as provided in this section. By the fifteenth day of each month, the county treasurer shall, on a form prescribed by the treasurer, itemize the recapture taxes collected the preceding month and transmit the form and the recapture taxes collected to the treasurer. The county treasurer may retain the interest earned on the money collected pursuant to this act while held by the county treasurer as reimbursement for the costs incurred by the county in collecting and transmitting the recapture tax. The money retained by the county treasurer under this section shall be deposited in the treasury of the county in which the recapture tax is collected to the credit of the general fund.
(2) The assessor of the local tax collecting unit shall notify the county treasurer of the date the property is converted by a change in use.
History: 2000, Act 261, Imd. Eff. June 29, 2000
Structure Michigan Compiled Laws
Chapter 211 - Taxation of Real and Personal Property
Act 261 of 2000 - Agricultural Property Recapture Act (211.1001 - 211.1007)
Section 211.1001 - Short Title.
Section 211.1002 - Definitions.
Section 211.1003 - Agricultural Property Recapture Tax; Imposition.
Section 211.1004 - Agricultural Property Recapture Tax or Benefit Received on Property.
Section 211.1005 - Collection and Deposit of Recapture Tax; Notification of Conversion Date.
Section 211.1006 - Crediting Proceeds of Recapture Tax to Certain Fund.
Section 211.1007 - Administration of Recapture Tax by Revenue Division.