The bill amends the General Property Tax Act of 1893, specifically sections 24f and 36, to enhance transparency and regulation regarding the authorization of millage rates and bond issuance by taxing units in Michigan. Key changes include the requirement for ballots to fully disclose the local units of government receiving revenue from new or increased millages, as well as detailed information about the proposed millage, such as the rate, estimated revenue, duration, and purpose. Additionally, the bill mandates that ballots for bond proposals must include the principal amount, maximum duration, purpose of proceeds, and estimated millage for repayment, with inaccuracies in estimates not affecting the validity of the bonds.
Furthermore, the bill introduces restrictions on the frequency of elections for millage proposals, limiting taxing units to two elections per calendar year until January 1, 2026, after which proposals for new or increased millages can only be submitted during the November regular election. It also stipulates that taxing units cannot combine questions for the renewal of existing millages with requests for new millages exceeding 0.5 mill. The amendments aim to ensure that voters are well-informed about tax proposals and to streamline the election process for taxing units.
Statutes affected:
House Introduced Bill: 211.24, 211.36