This bill amends the State Education Tax Act, specifically sections 2 and 3, to update definitions and tax provisions. It clarifies that the "General Property Tax Act" refers to 1893 PA 206, MCL 211.1 to 211.155, replacing the previous reference to Act No. 206 of the Public Acts of 1893. Additionally, it modifies the state education tax rate, which is set at 6 mills for most properties, with a temporary reduction to 5 mills for the year 2003.

The bill also introduces new exemptions from the state education tax for certain properties. Specifically, it exempts residential real property and qualified agricultural property with a single-family dwelling owned by an actively involved agricultural owner from taxes levied after December 31, 2025. Furthermore, it specifies that certain industrial personal properties, particularly turbines used for electricity generation, will not be eligible for tax exemptions starting December 31, 2011. The enactment of this bill is contingent upon the passage of another related bill in the legislature.

Statutes affected:
House Introduced Bill: 211.902, 211.903