Michigan Bills to Watch Out For:
On September 23, 2021, Representatives introduced a bi-partisan bill to amend “The General Property Tax Act.”
The most signature change would be the removal of the last section of the Act:
“Beginning with taxes levied in 1994, the millage reduction required by section 31 of article IX of the state constitution of 1963 shall permanently reduce the maximum rate or rates authorized by law or charter. The reduced maximum authorized rate or rates for 1994 shall equal the product of the maximum rate or rates authorized by law or charter before application of this section multiplied by the compounded millage reduction applicable to that millage in 1994 pursuant to subsections (8) to (12). The reduction maximum authorized rate or rates for 1995 and each year after 1995 shall equal the product of the immediately preceding year’s reduced maximum authorized rate or rates multiplied by the current year’s millage reduction fraction and shall be adjusted for millage for which authorization has expired and new authorized millage approved by the voters pursuant to subjects (8) to (12).”
We will have to wait to see if this Bill will pass the House and Senate, and what effect, if any, it will have on millage tax rates.