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Be aware of recent personal property tax exemption changes in Michigan

michigan seal [1]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 will be provided at a later date. But there are a few changes that take effect at the end of this month, including an increase in the amount of eligible property exempt from personal property tax.  The amount increased from $40,000 to $80,000 for eligible commercial and industrial personal property.  The law also now requires an affidavit to be filed with the local tax collector by Feb 10th of each year in order to utilize the exemption.

For more information on which types of properties this new regulation affects, read more here [2].