What is one significant change in property taxation practices introduced in the 1970s in Michigan?

In the 1970s, Michigan saw significant changes in its property taxation practices aimed at promoting economic growth and encouraging business development. One of the noteworthy changes was the implementation of exemptions for businesses that were expanding within the state. This approach was designed to incentivize companies to invest in Michigan, create jobs, and stimulate the local economy.

By offering tax exemptions to expanding businesses, the state could attract new investments, which ultimately contributed to economic development. These exemptions aimed to reduce the financial burdens on businesses, allowing them to reinvest savings back into operations and growth. This change in property taxation practices reflected a strategic focus on understanding how taxation policies could be leveraged to foster a more favorable environment for business and job creation in Michigan.

The other options, such as the elimination of all property taxes, the introduction of new taxes on agricultural properties, or an increase in maximum tax rates, do not accurately reflect the changes that occurred during that decade in Michigan's property tax landscape.