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Obsolete Property Rehabilitation (OPRA) Tax Incent

Obsolete Property Rehabilitation (OPRA) Tax Incentive:

PA 146 of 2000 provides commercial and commercial housing property tax exemptions.  Applications must be approved at the local and state levels, with a certificate issued by the State Tax Commission to be effective.  The property must have at least a 50% obsolescence finding form an eligible community assessor and be located in an established OPRA District.  Exemptions are approved for one to twelve years to be determined by the local unit of government with taxes based on the previous years (prior to rehabilitation) taxable value.  This value is frozen for the length of the abatement.  Each year the State Treasurer may approve 25 additional reductions of half the school operating state education taxes for a period not to exceed six years. Submitted projects:

3080 Outer Drive P.A.146 21-Dec-05
504 Brainard P.A.146 10-Jun-06
A&SHospPlaza P.A.146 14-Sep-05
Bagley Hsg Assoc P.A.146 02-Jun-06
Clark Estates P.A.146 06-Jun-06