Acro-Phobia
This requires public bodies to provide access to certain public records upon request?
What is FOIA? (Freedom of Information Act)
This act provides for the assessment of rights and interests, levy and collection of taxes, liens, and governs a lot of our duties as local treasury professionals.
What is PA 206 of 1893? (The General Property Tax Act)
This is available to veterans who were honorably discharged from the armed forces and own a homestead in the state?
What is the Veterans Exemption?
This value has been equalized by the state to ensure uniformity in property tax assessments across municipalities?
What is SEV? (State Equalized Value)
This type of government exists within its surrounding 'big brother'. Residents receive multiple tax bills.
What is a village?
What is the annual process which provides information on the collection and distribution of property taxes, including the amount of taxes collected, the amount of delinquent taxes, and the amount of taxes distributed to local governments?
What is Settlement?
What is the name of the primary operating fund used by a local government to account for its day-to-day financial transactions and to finance its general operations and services?
What is the General Fund?
This local group is responsible for hearing and deciding on property tax appeals?
What is the BOR? (Board of Review)
This act outlines the rules and requirements for investing surplus funds, including municipalities and school districts.
What is PA 20 of 1943? (Investment of Surplus Funds of Political Subdivisions)
This is available to homeowners who are experiencing financial hardship and are unable to pay their property taxes?
What is the Poverty Exemption?
This is used to calculate the amount of property taxes owed by a property owner by multiplying it by the millage rate?
What is TV? (Taxable Value)
Unlike it's counterpart, this type of government has broad powers to govern itself, one large benefit is that this form provides protection against annexation.
What is a Chartered Township?
What form do treasurers always wait for, to be turned in at the last minute by the schools or other taxing entities?
What is the L-4029? (Tax Rate Request)
What is the term used to describe a type of fund to account for the operations of a self-supporting business activity of a local government, such as a water or sewer utility, and is intended to be self-sufficient and financially independent?
What is an Enterprise Fund?
This local entity can be created is responsible for assisting with contaminated, blighted and functionally obsolete properties?
What is a BRA (Brownfield Redevelopment Authority)
What is PA 202 of 2017? (Protecting Local Government Retirement & Benefits Act)
This property tax exemption in Michigan reduces the taxable value of a homeowner's primary residence by a specific dollar amount?
What is the Principal Residence Exemption? (PRE)
This can be levied by municipalities and other public entities to fund government services, such as police and fire protection, roads, and schools?
What are Millage Rates?
This type of municipal government has adopted a charter and has broad powers to govern itself, takes over election duties, as well as other local services such as police & fire?
What is a Home Rule City?
What is the term used to describe the increase in property tax revenue generated by a development or improvement project in Michigan that goes to a local government, rather than being distributed to other taxing entities such as schools and libraries?
What is Capture?
What is the name of the type of fund used to account for the revenue and expenditures of a specific program or activity, such as a grant, donation, or tax revenue designated for a specific purpose?
What is a Special Revenue Fund?
Some municipalities utilize this to manage and oversee the development and redevelopment of local business districts.
What is a DDA? (Downtown Development Authority)
Recodified in 2018, this act provides the power and duties of certain tax increment finance authorities.
What is PA 57 of 2018? (Recodified Tax Increment Financing Act)
This form is what manufacturers and industrial processors must file with their local assessor in order to claim an exemption on eligible personal property?
What is form 5076?
What is the name of the Michigan constitutional amendment passed in 1978 that limits the annual growth of property tax revenue collected by local governments, and requires voter approval for any tax increase greater than the rate of inflation?
What is the Headlee Amendment?
This type of government is responsible for providing certain public services, such as law enforcement, public health, and public works, to residents within a geographic area?
What is a county?
What is the term used to describe a governmental entity in Michigan that acquires, holds, manages, and disposes of tax-foreclosed properties, with the goal of returning these properties to productive use and eliminating blight in the community?
What are Land Banks?
What is the term used to describe a type of fund used to account for assets held by a local government in a trustee capacity, such as property tax collections held for distribution to other units of government, or pension and retirement funds held on behalf of employees?
What are Custodial/Fiduciary Funds?
This public financing method is used to support economic development projects within designated districts.
What is an LDFA? (Local Development Financing Authority)
To borrow money or issue certain debts and securities, you should familiarize yourself with what act?
What is PA 34 of 2001? (Revised Municipal Finance Act)
This tax abatement program provides tax incentives for eligible industrial facilities that invest in new construction, renovation, or expansion projects?
What is the Industrial Facilities Tax? (IFT)
Passed in 1994, this significantly altered the funding of K-12 public schools, reduced property taxes, and established the Principal Residence Exemption (PRE)?
What is Proposal A?
Different than the types of government mentioned in this category, there are also forms of government within these types. Name one of those forms.
What is (Strong Mayor? Weak Mayor? Council-Manager?)
Issued by Michigan Department of Treasury, the General Property Tax Act (PA 206 of 1893) states units of government with an SEV of more than $15 million shall deliver within 10 business days after the first and fifteenth day of each month taxes collected.
What are Statutory Tax Collection Distribution Dates?
What is the name of the type of fund used to account for the costs of goods and services provided by one department or agency to other departments or agencies within the same government entity, such as a central IT department providing services to other departments?
What is an Internal Service Fund?