Personal Property Tax

If you’re a business owner in Michigan, and you’re not exempt, you’ll have to pay Personal Property tax for the furniture and equipment you own. This means you’ll have to file a Personal Property Tax Statement to let the Assessor know the value of your property.

Available Exemptions 

Small Business Property Tax Exemption

To qualify for the Small Business Property Tax exemption, the true cash value of all your commercial or industrial personal property has to be less than $80,000.

Small Business Tax Exemption Form 5076

If your business is no longer eligible for the Small Business Property Tax Exemption you will need to rescind the exemption claim

Request to Rescind the Small Business Property Tax Exemption Claim 5618

Eligible Manufacturing Personal Property Exemption

Eligible Manufacturing is defined as all commercial or industrial personal property located on Occupied Real Property if that personal property is used more than 50% in industrial processing or direct integrated support. 

Eligible Manufacturing Personal Property Tax Exemption Form 5278

Election of Lessee Report of Eligible Manufacturing Personal Property 5467

Filing your statement

State law requires you to file by February 20th every year.

Personal Property Statement Form L-4175

You can find more information about Personal Property statements by checking out this State of Michigan Personal Property FAQ.

SOLD, CLOSED, OR MOVED YOUR BUSINESS?

Notify the Assessor immediately to avoid the possibility of being assessed in error.