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 until the 2023 tax year (December 31, 2022).

As such, updated guidance and Form 5076 will be published later in 2022, in advance of use for the 2023 tax year.  For questions, please contact your ShindelRock tax professional.