Personal Property

Personal Property is the tangible (physical) assets of a business. Personal Property should not be confused with real estate property. Personal Property consists of moveable items like furniture, fixtures, machinery, and office and computer equipment.

New


You must report the full acquisition cost new, in the year of its acquisition new even if you have fully depreciated the asset or have expensed the asset under Section 179 of the Internal Revenue Code or under your accounting policies. All costs reported must include freight, sales tax and installation costs.

Used


If an item was purchased used, you must report the original cost of the item in the year it was purchased as new (You may have to contact the seller for original cost information).

Filing Deadline


Personal Property statements are filed each year with the local jurisdiction where the property was located on December 31st of the preceding year. Statements are to be completed, signed and returned by February 20th. The assessor has no statutory authority to extend the filing deadline. If the Assessor sends a personal property statement and it is not completed and returned by the taxpayer, the assessor is required to make an estimated assessment.

The General Property Tax Act also requires a taxpayer to disclose on the personal property statement all assessable personal property that is in your possession on Tax Day but you do not own.

New Construction


Personal property which has been constructed by the taxpayer or a contractor under direction of the taxpayer must be reported on the statement at the cost that would have been paid to acquire the same property already constructed and installed even if the cost entered on the taxpayers accounting records is different.

The forms are available through the local assessor or online at the State of Michigan website. Instructions are included with the forms. There is also a Personal Property Questions and Answers Booklet available.