Introduced by Rep. Wayne Schmidt (R) on May 15, 2012 To allow a local “land bank authority” to exempt parcels from the alternate property tax levied on its property, if the tax break is for “economic development” purposes. This would make the property subject to regular property taxes, which then could be “abated” by the local government under a variety of laws authorizing selective property tax breaks for particular developers and projects. Official Text and Analysis.
Referred to the House Commerce Committee on May 15, 2012
Reported in the House on May 29, 2012 Without amendment and with the recommendation that the bill pass.