Mich. Comp. Laws § 211.1001
Short title.
This act shall be known and may be cited as the "agricultural property recapture act".
Michigan Compiled Laws — AGRICULTURAL PROPERTY RECAPTURE ACT (Act 261 of 2000)
Michigan · statute · 261 of 2000, Mich. Comp. Laws · 7 active provisions
Provisions
Mich. Comp. Laws § 211.1002
Definitions.
As used in this act: (a) "Benefit period" means the period in years between the date of the first exempt transfer and the conversion by a change in use, not to exceed the 7 years immediately preceding the year in which the qualified agricultural property is converted by a change in use. (b) "Benefit received on that pr…
Mich. Comp. Laws § 211.1003
Agricultural property recapture tax; imposition.
(1) Beginning January 1, 2001, the agricultural property recapture tax provided under section 4 is imposed as provided in this section if the property meets all of the following conditions: (a) The property was transferred after December 31, 1999. (b) The taxable value of the property was not adjusted under section 27a…
Mich. Comp. Laws § 211.1004
Agricultural property recapture tax or benefit received on property.
The recapture tax imposed under section 3 is the benefit received on that property.
Mich. Comp. Laws § 211.1005
Collection and deposit of recapture tax; notification of conversion date.
(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 re…
Mich. Comp. Laws § 211.1006
Crediting proceeds of recapture tax to certain fund.
The treasurer shall credit the proceeds of the recapture tax collected by county treasurers under this act to the fund in which the proceeds from lien payments made under part 361 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.36101 to 324.36117, are deposited.
Mich. Comp. Laws § 211.1007
Administration of recapture tax by revenue division.
This act shall be administered by the revenue division of the department of treasury under 1941 PA 122, MCL 205.1 to 205.31.