Excerpts from the article:
In an effort to empower Michigan’s urban areas and give them the tools to attract residents to their communities, the Michigan Senate Thursday passed three bills that will allow a reduction in the tax rate of homes in certain communities.
Currently, Neighborhood Enterprise Zones (NEZs) are only available for new construction and rehabilitated facilities. These bills would expand NEZs to also include individuals who purchased or will purchase homesteads in subdivisions designated by local governments. Eligible homeowners would be those who purchased the homes after January 1, 1998.
Under the package of bills that passed the Senate, the person buying this home could receive an NEZ certificate for a “homestead facility.” The certificate could range in duration from 6 to 15 years and drastically cut the new owner’s tax bill.
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