Section R. 554.737 - AssessmentsRule 37.
(1) A copy of the state tax commission appraisal under sections 36105 and 36106 of the act shall be transmitted to the local assessor for the basis of the first assessment for the land covered by a farmland development rights agreement or an open space development rights easement. Subsequent assessments shall be reviewed annually by the local assessor in the same manner as other real property assessments. A copy of the termination appraisal by the state tax commission shall be transmitted to the local assessor.(2) Subsequent to the execution of a farmland development rights agreement, the local assessing officer shall specify the state equalized valuation and the ad valorem taxes levied on the description and shall forward such information to the state land use agency by February 15 of each year until the agreement is terminated.(3) Subsequent to the approval of a local open space development rights easement application by the legislature and execution of the easement by the applicant, the local assessing officer shall specify the state equalized valuation of the description exclusive of open space development rights, the state equalized valuation of the open space development rights and the ad valorem taxes not paid on the open space development rights and shall forward such information to the state land use agency by February 15 of each year until the easement is terminated.Mich. Admin. Code R. 554.737