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The New Personal Property Exemption, PA 328 of 1998, (MCL 211.9 f) as amended, affords a 100% property tax exemption for specific businesses located within eligible distressed communities. This exemption is for all new personal property placed in a district that has been established by the local unit of government.
It includes equipment used in the production of income or held as an investment; billboards; foundations for the equipment; and all other tangible property other than real property. Computer application software is considered an intangible asset and is not assessable. Inventory is no longer taxed.
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.
If youre a business owner in Michigan, and youre not exempt, youll have to pay Personal Property tax for the furniture and equipment you own. This means youll have to file a Personal Property Tax Statement to let the Assessor know the value of your property.
MI-W4 Withholding Exemption Certificate The exemption amount is $5,400 per year times the number of personal and dependency exemptions allowed under Part 1 of the Michigan Income Tax Act.
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A facility owner of a property may claim an exemption under Section 211.7d by filing form 4719, Request for Senior Citizen /or Disabled Housing Tax Exemption, with the local assessor AND Department of Treasury on or before October 31 of a given year.
Form 5278 is the claim for the EMPP exemption and the reporting instrument for eligible and ineligible personal property. The Department creates an ESA statement based on the information provided in parts 1 and 3 of Form 5278.
Motor vehicle registration taxes are not typically associated with property taxes; however, because Michigan taxes personal passenger vehicles based on their value, the Motor Vehicle Registration Fee qualifies as a property tax.

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