Michigan Manufacturers: It’s Not Too Late to File For 2016 Personal Property Tax Exemption
Michigan manufacturers fail to claim exemption from 2016 Personal Property Tax (PPT)
Amazingly almost 50% of Michigan manufacturers failed to file a form 5278 by 2/22/2016 to claim exemption from the 2016 Personal Property tax.
It’s Not Too Late. Here is What You Need to Know.
- Last week Governor Snyder signed into law legislation which re-opens the filing window for manufacturers to claim their personal property tax exemption to 5/31/16.
- If the exemption is claimed it is replaced by the essential services assessment (ESA) but will still result in a substantial tax decrease.
- A new form 5278 has been created for filing but you can still use the old form.
- To be valid the assessor must receive the 5278 by May 31, 2016
What You Need to Do.
- Even if you think you filed timely you need to check with your assessor. Many assessors followed strict instructions and rejected many claims on insignificant issues.
- If you find out your claim was rejected ,no matter how small the issue, you need to re-file the 5278.
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Rick Williams is managing partner and director of services to Manufacturers for Polk and associates and can be reached at firstname.lastname@example.org