SAVINGS BANK ACT (EXCERPT)
Act 354 of 1996
487.3804 Tax exemptions.
A savings bank subject to this act shall have the following tax exemptions:
(a) All mortgages or other securities held by savings banks are exempt from all municipal or other taxes under the laws of this state.
(b) All personal property owned by savings banks is exempt from taxation.
History: 1996, Act 354, Imd. Eff. July 1, 1996
Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
© 2009 Legislative Council, State of Michigan