Tag: property tax
New increase in Personal Property Tax exemption effective for 2023 filings
House Bill 5351, approved by Michigan Governor Gretchen Whitmer on December 23, 2021, amends MCL 211.9o to increase the combined true cash value limit for personal property in a local unit from $80,000 to $180,000. The changes do not take effect...
Department of Treasury reminds Michiganders that Principal Residence Exemption doesn’t expire
The Michigan Department of Treasury is reminding Michiganders that a Principal Residence Exemption – known as a PRE – does not expire. Inaccurate posts being shared on social media are claiming that Michigan taxpayers will experience a surge in property...
Understanding written instruments and transfers of property exempt from tax
According to the State Real Estate Transfer Tax Act of 1993, the following written instruments and transfers of property are exempt from the tax imposed by this act. a) A written instrument in which the value of the consideration for...
SR Client Question: Can I avoid paying taxes on the sale of my primary residence?
A person selling his or her primary residence can, if certain conditions are met, avoid paying tax on some or all of the gain realized. This is allowed per code section 121 of the Internal Revenue Code. A maximum gain...
Be aware of recent personal property tax exemption changes in Michigan
In December of 2012, Governor Snyder signed into law eleven bills affecting the taxation of personal property. The majority of these Acts do not take effect until December 31, 2015 for the 2016 tax year; further guidance on those Acts...
News from Lansing: Business Personal Property Tax Returns
Given the looming personal property tax due date of Feb 20, business owners should be aware of a bill signed by Michigan Gov. Snyder on December 20, 2012. This bill eliminates the personal property tax for small taxpayers starting in...