For projects with a capital investment of at least $60 million, local authorities can grant a fee to be paid in lieu of property tax on all real and personal property for up to 10 years.
-A fee in lieu of taxes is available at the discretion of local authorities for projects involving an investment of at least $60 million.
-The value of the fee-in-lieu exemption depends on the millage rates for the site and the project’s expected investment in land, buildings, and equipment.
-A fee in lieu of property tax can cover all taxes assessed, but the fee cannot be less than 1/3 of the standard property tax levy.
-While a fee-in-lieu agreement can be in place for up to 30 years (the term is determined at the discretion of local authorities), no particular parcel of land, real property improvement or item of personal property can be subject to an exemption for more than 10 years.