Taxation: specific tax; application of tax reverted property specific tax to certain tax delinquent property sold or otherwise conveyed by a foreclosing governmental unit; provide for. Amends secs. 4 & 5 of 2003 PA 260 (MCL 211.1024 & 211.1025). TIE BAR WITH: SB 484'25

SB 485 creates a new tax on properties sold by government units (like cities or counties) after tax foreclosure. It applies to owners of these "reverted" properties, requiring them to pay a tax calculated as if the property were subject to regular property taxes. Revenue from the tax is split: 50% goes to local taxing units (like school districts), and 50% to the government authority that sold the property. The bill also specifies that properties in designated Renaissance Zones are partially exempt from this tax, with certain portions still distributed to the relevant taxing units.