Property: conveyance of state property; conveyance of certain state-owned property in Jackson County; provide for. Creates land transfer act.

Added new sale options allowing the property to be sold to local governments for less than fair market value, in addition to the existing option to sell to Jackson County for $1.00.

Added a new option to convey property to land bank authorities created under Michigan's land bank fast track act.

Added conditions requiring local government buyers to reimburse the state for costs incurred preparing the property for conveyance.

Added requirements that local government buyers must notify the state before selling the property again, with the state retaining a right of first refusal.

Added a requirement that if oil, gas, or minerals are developed on the property, the buyer must pay the state 50% of gross revenue from that development.

Added requirement that any fees or conditions imposed on public use of the property must apply equally to all members of the public.

Added provisions allowing the state to reenter and take back property if buyers violate public use restrictions or mineral development payment requirements.

Added definitions for 'fair market value', 'net revenue', and 'public use' to clarify how the property should be evaluated and used after conveyance.