Rep Frederick bill further streamlines property rehabilitation efforts

first_img01Mar Rep. Frederick bill further streamlines property rehabilitation efforts The Michigan House on Wednesday advanced a bill proposed by state Rep. Ben Frederick, of Owosso, which allows more flexibility for assessed property value during commercial redevelopment periods.The Obsolete Property Rehabilitation Exemption was enacted in 2000 with the goal of providing local governments with an economic development tool to incentivize redevelopment of blighted and distressed properties. An OPRA certificate can be requested through local government by property owners or developers that freezes the assessed value of the property for up to 12 years while revitalization work occurs.If a property value decreases or was assessed inaccurately, however, the property owner or developer would remain locked into a higher tax rate. Frederick’s proposal allows the OPRA certificate to be removed, if requested and approved by the local government.“This is a program that has been pivotal in helping bring back areas of Shiawassee and Saginaw Counties,” said Frederick, who serves on the committee. “We need to continue to encourage long-term revitalization projects here in our state and such projects should accurately reflect changing property values and assessments. This is a flexible, common-sense solution that local governments can review case-by-case to determine if a certificate removal is warranted.”House Bill 5436 moves to the Senate for further consideration.PHOTO INFORMATION: State Rep. Ben Frederick (left) provides testimony for House Bill 5436 before the House Commerce and Trade Committee on Feb. 13. Frederick was joined by state Rep. Eric Leutheuser, who is sponsoring similar legislation addressing commercial rehabilitation. Categories: Frederick News,Newslast_img

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