Mich. Comp. Laws § 750.74: Third degree arson.

Sec. 74.

(1) Except as provided in sections 72 and 73, a person who does any of the following is guilty of third degree arson:

(a) Willfully or maliciously burns, damages, or destroys by fire or explosive any building or structure, or its contents, regardless of whether it is occupied, unoccupied, or vacant at the time of the fire or explosion.

(b) Willfully and maliciously burns, damages, or destroys by fire or explosive any of the following or its contents:

( i ) Any personal property having a value of $20,000.00 or more.

( ii ) Any personal property having a value of $1,000.00 or more if the person has 1 or more prior convictions.

(2) Subsection (1) applies regardless of whether the person owns the building, structure, other real property or its contents, or the personal property.

(3) Third degree arson is a felony punishable by imprisonment for not more than 10 years or a fine of not more than $20,000.00 or 3 times the value of the property damaged or destroyed, whichever is greater, or both imprisonment and a fine.