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Thu October 17, 2013
Legislature wants to help schools sell buildings by suspending property tax
LANSING, MI (AP)-- Legislation moving forward in Lansing would exempt property taxes on vacant buildings sold by school districts for five years.
The Republican-led state House voted 62-44 to send the bill to the Senate, with many Democrats in opposition.
The goal is to create incentives for buying unneeded school buildings and putting them to new use. Property taxes aren't being paid now because they are school property. Local governments could decide to still tax the sold buildings if they act within 60 days of the bill becoming law.
Critics say while it could help school districts sell property, other districts would be hurt because Michigan's School Aid Fund would be forced to make up for revenue that would have been collected without the exemption.