23 Feb / Personal Property Tax
Personal Property Tax is in for a major change in Michigan starting in 2014. Most businesses with small amounts of personal property will no longer be subject to the Michigan personal property tax. In order to qualify you must submit an affidavit Form 5076 to your local municipality. The due date for filing this was February 10, 2014. But if you have not yet filed it do it now. The due date does not seem to be etched in stone. Additionally, I have spoke with a few assessors and they tell me that they are way backed up from this change. Some of the larger municipalities have not even logged all of the personal property tax exemptions yet.
Tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.