Oscoda-Wurtsmith Renaissance Zone

 

            Established in 1997, Oscoda-Wurtsmith Renaissance Zone will remain active until 2012.  Most state and local taxes are abated in the Renaissance Zone.  The tax benefits are phased out at 25% increments curing the Zone's final three years of existence.  The following state and local taxes are abated for businesses located in Renaissance Zone:

 

Property Taxes:

• Local Real Property Taxes - General property taxes on land and buildings are nearly 100% abated.

•  Local Personal Property Taxes - These general property taxes are nearly 100% abated for the business' personal property that is located in the Renaissance Zone.

•  6-mill State Education Tax (SET) the state property tax levy for schools is 100% abated.  This amount is included in your local property tax bill.  (Property owners are still responsible for property taxes levied to pay for local bonded indebtedness, school sinking funds, and special assessments.)

To find out how to claim the abatement for property taxes, contact the assessor's office.

State and Local Taxes

• Single Business Tax - A tax credit is allowed against the Michigan Single Business Tax (SBT) for business activity attributable to the Renaissance Zone.  Contact www.michigan.org/medc for more information about the SBT, the credit, and the tax forms.