Sec. 804.
A savings bank subject to this act shall have the following tax exemptions:
(a) All mortgages or other securities held by savings banks are exempt from all municipal or other taxes under the laws of this state.
(b) All personal property owned by savings banks is exempt from taxation.
History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)
354-1996-8 - Chapter 8 General Provisions, Exemption From Taxation (487.3801...487.3804)
Section 487.3801 - Use of “Bank,”“banker,” or “banking.”
Section 487.3802 - Construction of Act.