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Policy Statement for Commercial Redevelopment Act (PA 255 of 1978, as amended) Applications
Effective immediately, all Public Act 255 of 1978 Commercial Redevelopment applications submitted to the local governmental unit are required to indicate the prior year’s actual taxable value, rather than a zero ($0) taxable value based on a prior year’s tax-exempt status. The local governmental unit’s assessor shall determine the property’s prior year actual taxable value as if the property had not been tax exempt. A Commercial Redevelopment exemption will not be issued or frozen at a zero taxable value that is the result of a prior year’s tax-exempt status.