211.621 Definitions. Sec. 1. As used in this act: (a) “Low grade iron ore” means iron-bearing rock, also known as iron formation, jasper, ferruginous chert, or ferruginous slate, that is not merchantable as ore in its natural state and from which a merchantable product can be produced only by beneficiation or treatment involving fine grinding. […]
211.622 Specific tax on mining property before production of ore or construction of plants. Sec. 2. Before the first calendar year in which production of merchantable ore from a low grade iron ore mining property has been established on a commercial basis, or before the period of construction of the plants for the beneficiation or […]
211.623 Specific tax on mining property after production of ore; determination of mine value; “lower lake price” defined. Sec. 3. (1) Beginning with the first calendar year after production of merchantable ore from a low grade iron ore mining property has been established on a commercial basis, the low grade iron ore mining property shall […]
211.624 Minimum specific tax; entering land descriptions on separate roll; spreading and collecting specific tax; return and sale of property for nonpayment of taxes; valuation; property located in more than 1 township; distribution and use of sums collected; specific tax in lieu of ad valorem tax; determining proportion for disbursement and attribution of taxes; payment. […]
211.625 Purpose of act. Sec. 5. The purpose of this act is to encourage commercial development of and uniform production from low grade mineral resources in the state of Michigan. History: 1951, Act 77, Imd. Eff. May 28, 1951 ;– Am. 1959, Act 147, Eff. Mar. 19, 1960
211.626 Appropriation; purpose. Sec. 6. There is appropriated from the general fund $1,651,000.00 for reimbursement of governmental units and school districts for the amount by which property tax revenue, excluding revenue included in the calculation of payments made under section 21(1) of the state school aid act of 1979, Act No. 94 of the Public […]
