HB-5398, As Passed House, December 18, 2014HB-5398, As Passed Senate, December 18, 2014
SUBSTITUTE FOR
HOUSE BILL NO. 5398
A bill to amend 1893 PA 206, entitled
"The general property tax act,"
(MCL 211.1 to 211.155) by adding section 78r.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 78r. (1) A foreclosing governmental unit for a county
other than this state may acquire property owned by this state, the
federal government, or other governmental entity to facilitate the
sale of tax reverted property under section 78m with the consent of
this state, the federal government, or other governmental entity
that owns the property. Methods of acquisition may include, but are
not limited to, an exchange of property owned by the county for
property of approximately equal value that is owned by this state,
the federal government, or other governmental entity. For purposes
of this subsection, "governmental entity" includes an authority.
(2) If the foreclosing governmental unit for a county is not
this state, an authority may, with the consent of the foreclosing
governmental unit, convey real property owned by the authority to
the foreclosing governmental unit as provided in section 7 of the
land bank fast track act, 2003 PA 258, MCL 124.757, including for
no monetary consideration.
(3) The conveyance of property to a foreclosing governmental
unit under subsection (1) or (2), costs incurred by the foreclosing
governmental unit relating to that property, and a subsequent sale
or transfer of that property by the foreclosing governmental unit
shall be deemed to represent a fair exchange of value for value.
(4) A party to a conveyance under subsection (1) or (2) shall
execute and record all documents necessary to effectuate the
conveyance, including, but not limited to, a quitclaim deed or
affidavit of jurisdictional transfer with the register of deeds in
the county in which the property is located.
(5) Property acquired by a foreclosing governmental unit under
subsection (1) or (2) shall be offered for sale by the foreclosing
governmental unit at a property sale under section 78m(2) and may
be offered for sale as a group with 1 or more other parcels under
section 78m(2). Property acquired by a foreclosing governmental
unit under subsection (1) or (2) may not be conveyed or transferred
to a city, village, township, or county under section 78m(1) or
(3). Any net proceeds from the sale of property acquired by a
foreclosing governmental unit under subsection (1) or (2) shall be
deposited into the account designated under section 78m(8) as the
House Bill No. 5398 (H-4) as amended September 9, 2014
delinquent tax property sales proceeds for the year in which the
property is sold by the foreclosing governmental unit.
(6) This section does not alter the powers, duties, functions,
or responsibilities of an authority under the land bank fast [tracK]
act, 2003 PA 258, MCL 124.751 TO 124.774.
(7) As used in this section, "authority" means a land bank
fast track authority created under the land bank fast track act,
2003 PA 258, MCL 124.751 to 124.774.