The bill amends the General Property Tax Act of 1893 by introducing a new section, 9q, which establishes a tax exemption for personal property classified as industrial or commercial personal property that qualifies as a hydrogen fuel pump. This exemption will take effect for taxes levied after December 31, 2025, and defines a "qualified hydrogen fuel pump" as a device for filling motor vehicles with hydrogen fuel that meets specific pressure standards (H35 or H70). Additionally, the bill modifies existing definitions and provisions related to property assessment, including changes in terminology for determining true cash value and the treatment of property improvements.

Moreover, the bill updates language in sections 27 and 34d, removing certain terms while adding new definitions and criteria for property value assessment. It clarifies that increases in true cash value due to normal repairs and maintenance will not be considered until the property is sold and specifies what constitutes normal maintenance. The bill also outlines the responsibilities of the Department of Environment, Great Lakes, and Energy regarding remediation of contaminated properties, defines "public services," and details the processes for calculating taxable values and millage reduction fractions for local governments. It emphasizes the need for local governments to report and certify taxable values annually and sets limitations on tax rates without voter approval, with the enactment of the bill contingent upon the passage of House Bill No. 4112.

Statutes affected:
House Introduced Bill: 211.27, 211.34