Michigan Personal Property Tax - Still an Issue for Michigan Businesses

Yeo & Yeo CPAs & Business Consultants

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.

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants

Yeo & Yeo CPAs & Business Consultants is a leading Michigan accounting firm. Since 1923, our industry-specialized Michigan accountants and consultants have provided clients with forward-thinking, comprehensive solutions in accounting, audit, tax, technology and business consulting.