What is personal property?
Personal Property is the tangible, physical assets of a business. Personal Property should not be confused with real property (land & buildings).
What are some examples of personal property?
Personal Property consists of many items. A few of those would be: furniture, fixtures, machinery, equipment, office equipment, computer equipment and signs. Contact the Assessor's Office if you have questions whether an item qualifies as personal property.
Where and how often do i have to file a personal property statement?
Personal Property statements are filed each year with the jurisdiction that the personal property was located in on December 31st. Personal property is valued at market (truecash) value and assessed at 50% thereof. Personal Property statements are mailed the first week of January and must be completed, signed and returned by February 20th. If a personal property statement is not returned by the February 20th deadline, by law, the Assessor is required to estimate an assessed value.
Who says i have to file a personal property statement?
The Michigan Constitution provides for assessment of all real and personal property not exempted by law.
What type of information do i include on the personal property statement?
The total original installed costs for each item of personal property by the year of purchase.