Michigan Personal Property Tax exemption rules clarified for businesses
Last year, the state increased the Personal Property Tax (PPT) exemption from $80,000 to $180,000 of true cash value. With that change came a new reporting requirement for companies that fell in the $80,000-$180,000 range, requiring they file an exemption form and the full PPT form as a supporting document. This is not a one-time exemption filing, as all taxpayers who fall in the $80,000 to $180,000 true cash value group will continue to file annually.
Taxpayers receiving the small business exemption with property valued at less than $80,000 true cash value within the local assessing unit will continue to receive the exemption until they are no longer eligible for the exemption or until the true cash value of their property exceeds $80,000.
Your ShindelRock tax professional will monitor your PPT true cash value and advise you of your reporting requirements, but if you have any questions, please contact us.