Tax reverted property definition

Tax reverted property means that term as defined in the land bank fast track act.
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Tax reverted property means property that meets 1 or more of the following criteria:
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Tax reverted property means property the title to which has vested in a local unit of government pursuant to the general property tax act as a result of the nonpayment of delinquent taxes and nonredemption within the statutory period provided under the general property tax act.
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Examples of Tax reverted property in a sentence

  • The County Authority may accept from a Person with an interest in a tax delinquent property or Tax Reverted Property a deed conveying that Person’s interest in the property in lieu of the foreclosure or sale of the property as provided under Section 6 of the Land Bank Act.

  • The County Authority may hold and own in its name any property acquired by the County Authority or conveyed to the County Authority by the State, a Foreclosing Governmental Unit, a local unit of government, an intergovernmental entity created under the laws of the State, or any other public or private person, including, but not limited to, Tax Reverted Property and property with or without clear title.

  • The County Authority may institute a civil action to prevent, restrain, or enjoin the waste of or unlawful removal of any property from Tax Reverted Property or other real property held by the County Authority, as provided under Section 11 of the Land Bank Act.


More Definitions of Tax reverted property

Tax reverted property means that term as defined under Section 3(q) of the Land Bank Fast Track Act, 2003 PA 258, MCL 124.753(3)(q).
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Related to Tax reverted property

  • Excluded Property shall have the meaning set forth in the Security Agreement.

  • Development Property means a Property currently under development for use as an office or industrial building that has not become a Stabilized Property, or on which the improvements (other than tenant improvements on unoccupied space) related to the development have not been completed, provided that such a Development Property on which all improvements (other than tenant improvements on unoccupied space) related to the development of such Property have been completed for at least twelve (12) months shall cease to constitute a Development Property notwithstanding the fact that such Property has not become a Stabilized Property.

  • Qualifying Property means a primary residence that a qualified applicant owned and occupied

  • Exempt Property means tangible personal property acquired in whole or in part with Federal funds, where the Federal awarding agency has statutory authority to vest title in the recipient without further obligation to the Fed- eral Government. An example of ex- empt property authority is contained in the Federal Grant and Cooperative Agreement Act (31 U.S.C. 6306), for property acquired under an award to conduct basic or applied research by a non-profit institution of higher edu- cation or non-profit organization whose principal purpose is conducting scientific research.