Michigan Personal Property Tax – Still an Issue for Michigan Businesses

Personal Property Tax Reform was passed in Michigan during 2014, but Michigan businesses still have a Personal Property Tax (PPT) filing requirement in 2015.

• Small businesses – those with less than $80,000 in personal property within a taxing jurisdiction need to file an affidavit to claim exemption from PPT. It is due February 10.
• Commercial and industrial businesses – still need to file Form 632 for the 2015 year (12/31/2014 property). It is due February 20.

The reform legislation established a seven-year phase-in for changes to personal property taxation on manufacturing property in Michigan. It also established a new Statewide Essential Services Assessment, which will be implemented in 2016, at the same time that Eligible Manufacturing Personal Property exemptions from PPT begin.

Contact your Yeo & Yeo professional for more details.