Property tax: other; HOPE zone exemption; provide for. Amends sec. 5 of 2003 PA 260 (MCL 211.1025). TIE BAR WITH: HB 5852'26, HB 5856'26

HB 5865 establishes a new annual property tax specifically for properties that were previously owned by land banks and sold to clear title issues. This tax is designed to generate revenue for the state and the specific land bank authority that originally sold the property, with funds split evenly between general local taxes and the land bank for future cleanup efforts. The bill includes an exemption for properties located in designated HOPE zones or Renaissance zones, ensuring these areas remain financially supported. Additionally, the tax is treated as a lien on the property, subject to the same collection fees, interest, and foreclosure processes as standard delinquent property taxes.