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Yes. Regardless of where the business operates, the tangible assets of the business are subject to Personal Property Tax.
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Personal Property consists of office furniture, office equipment, testing, diagnostic and electronic equipment, machinery and equipment, coin-operated equipment, rental DVDs, games and videotapes, computers and computer-related equipment, as well as, all related trade fixtures of a business.
Personal Property Statements are to be filed on or before February 20th of each year (a statutory deadline) with Oakland County. Statements are to be delivered to the assessor at Oakland County by February 20th of each tax year. Postmarked is not acceptable.
Personal Property Statements that are filed after the February 20th deadline are considered late. By law, the assessor is required to estimate an assessed value.
No. The statutory deadline for Personal Property filings is February 20th. Therefore, extensions are not granted.
All costs are to be reported as the original costs in the year of purchase, inclusive of sales tax, freight, and installation costs.
Yes. Personal Property is a tax on the tangible assets of a business, inclusive of all related trade fixtures. The real estate (building/structure) will be taxed separately as Real Property.
When you receive your Notice of Assessment; the scheduled dates and times of your local March Board of Review are noted. You may either schedule an appointment with your local Board of Review or you may appeal directly to the Michigan Tax Tribunal.
An appeal directly to the Michigan Tax Tribunal requires that your Personal Property Statement has been filed by the February 20th statutory deadline. If you did not file your Personal Property statement, you must first appeal to the March Board of Review. Further, if your appeal is to the Michigan Tax Tribunal you must meet their filing deadline of May 31st.
You must notify your local assessor when your business moves in or out of the jurisdiction. If you purchased or will be acquiring an existing business make sure the seller has paid the Personal Property taxes. The tax bills may be in the name of the old business, but the lien remains on the Personal Property until it is paid.
Yes, you are still responsible for the payment. The status of personal property on December 31st will determine what is assessed and where it is assessed in the following year. According to MCL 211.17, any changes in location or ownership of the personal property after tax day will not affect the assessment.