Assessor's Office
Renaissance Zone Information
2005
Michigan has created 24 Renaissance Zones to encourage new investment in economically distressed areas by reducing taxes. The City of Saginaw was granted a Renaissance Zone and has selected the following 10 areas to encourage residential, commercial and industrial growth and expansion. The ten areas located in Saginaw are:
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Northeast Saginaw
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Expanded Central Business/St. Mary's Campus District
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Salina Business District
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Lufkin Rule/Hess Ave/Fairground Area
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Northwest Saginaw
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Covenant City Campus/Westside Hospitals
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Old Saginaw Business District
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Davenport Inn
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Salt St. Area
- Agape Child Care Center
Renaissance Zone Checklist
If you own property in the designated areas, and are not delinquent in any taxes abated by the Renaissance Zone exemption, as of December 31, 2004, you could benefit from a substantial reduction of some or all of the burden created by MI Income Tax, Single Business Tax, Local Income Tax, Property Tax, and Personal Property Tax . If you live in the zone and are not delinquent in any taxes abated by the Renaissance Zone exemption, you could be exempt from State and Local Income Taxes . You must be a resident of the zone for 183 days before the exemption begins. You can not be relieved of federal taxes, sales tax, special assessments, trash fees, or taxes levied for local indebtedness. Real and Personal Property must also be in the Renaissance Zone on December 31, 2004 and for 182 additional days to qualify for a 2005 exemption. This may be waived for personal property if the owner signs a statement declaring the property will remain in the zone for at least 183 days in 2005.
Renaissance zones significantly reduce state and local taxes for taxes levied after 1996 as follows:
Zones 1 - 6 |
Zones 7 - 8 |
Zones 9-10 |
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|---|---|---|---|---|---|
1997 - 2011 |
Tax Free* |
1997 - 2012 |
Tax Free* |
1997 - 2013 |
Tax Free* |
2012 |
75% Tax Free* |
2013 |
75% Tax Free* |
2014 |
75% Tax Free* |
2013 |
50% Tax Free* |
2014 |
50% Tax Free* |
2015 |
50% Tax Free* |
2014 |
25% Tax Free* |
2015 |
25% Tax Free* |
2016 |
25% Tax Free* |
2015 |
Pay Taxes at Full Rate |
2016 |
Pay Taxes at Full Rate |
2017 |
Pay Taxes at Full Rate |
*Tax Free refers to that portion of taxes other than federal taxes, sales tax, special assessments or taxes levied for "indebtedness".
If you own residential rental property in a renaissance zone the exemption is only available if that property is not delinquent in any taxes, is in substantial compliance with all applicable state and local zoning, building laws, housing laws, ordinances, and codes as of December 31, 2004. Rental property is defined as any residential class property that is not owner occupied. Landlords are required by statute to file an affidavit before December 31, 2004, with the Assessors Office, stating that the property is in compliance to be considered for exemption in the 2005 tax year.
Owners of personal property with their business located in the Renaissance zone, must have filed a personal property statement for 2005 by Feb. 1, 2005 identifying the property located in the zone as of December 31, 2004. The personal property and business must have been located in the zone for 183 days in 2004. This may be waived if the owner signs a statement declaring the personal property and business will remain in the zone for half of 2005.
The following represents the significant reduction in taxes for 2004 (estimated):
| Regular Millage Rate | Renaissance Zone | |
|---|---|---|
Homestead |
Non-Homestead |
Millage Rate |
32.4302 |
50.43022 |
0.1173 |
If you own real or personal property in a renaissance zone, or are a resident of a renaissance zone, we are requesting a Renaissance Zone Affidavit be completed. This will help with the qualification process of the 1,864 parcels in the zones. This application may also be picked up at the Assessor's Office, Room 105, at City Hall. Residential rental property owners are required to return a completed affidavit by December 31, 2004.
For additional information, you may contact:
Michigan Dept of Treasury
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City of Saginaw |
Michigan Jobs Commission |