Michigan Manufacturers: It’s Not Too Late to File For 2016 Personal Property Tax Exemption

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.

Help us spread the word. Like, share or email this info to your colleugues in the industry.

Rick Williams is managing partner and director of services to Manufacturers for Polk and associates and can be reached at rwilliams@polkcpa.com

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