Sec. 458. (1) All mortgages or other securities held by associations, are exempt from all municipal or other taxes under the laws of this state and all personal property owned by associations is exempt from taxation. (2) Federal savings and loan associations and their members shall be subject to the same taxation and upon the same basis as state associations and their members.
Mich. Comp. Laws § 489.858
Tax exemptions
1964, Act 156, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.