Personal Property
The Michigan Constitution provides for the assessment of all real and tangible personal property not exempted by law. Tangible personal property is defined as tangible property that is not real estate. Form L-4175 is used for the purpose of obtaining a statement of assessable personal property for assessment. Michigan law also provides that a person or entity receiving Form L-4175 must complete it and return it to the assessor by the statutory due date of February 20* each year, even if they have no accessible property to report. If you have assessable property in your possession on December 31st, you must submit a completed Form L-4175 to the assessor of the local unit where the property is located by the statutory due date of February 20*, even if the assessor does not send you a form to complete.
*NOTE: MCL 211.19 states that Form L-4175 must be completed and delivered on or before February 20 of each year. If February 20 is a Saturday, Sunday or legal holiday, the Statement is due on the next business day after February 20. Postmarks will not be accepted. However, to assure timely-processing prior to the opening of the March Board of Review, an earlier filing is requested when possible.
SMALL TAXPAYER EXEMPTION: Beginning in 2023, if the true cash value of assessable personal property, classified as industrial personal or commercial personal property as defined in MCL 211.34c, that you or a related entity own, lease, or possess in this assessing jurisdiction (township) is under $180,000, you may be eligible for an exemption by filing a Small Business Property Tax Exemption, Form 5076, by the statutory due date, February 20.
**To claim an exemption, Form 5076 must be received by the Assessor no later than February 20 each year. Postmark by February 20 will be accepted. However, to assure timely-processing prior to the opening of the March Board of Review, an earlier filing is requested when possible.
This information is not intended to be all inclusive of Michigan statute and/or Michigan Compiled Laws. Please consult the Michigan State Tax Commission and/or State Legislature for more information. If you have any questions, they should be directed to your tax advisor.
