Personal Property Information
Property taxes are levied on two types of property in the State of Michigan: real property and personal property. Personal property are items such as machines, equipment, furniture, fixtures, and signage used by businesses.
Public Act No. 206 of 1893 of Michigan State law mandates that all businesses must annually file a declaration of Personal Property, where the property is situated on tax day each December 31, annually with the Assessor of the jurisdiction.
The City Assessor’s office determines the value of property based on the Personal Property Tax Statement which the owner files annually. By December 31 of each year, a blank Personal Property Tax Statement is mailed to all taxpayers who were billed for personal property taxes in the previous year.
The statement requires the owner to list all property by the year it was purchased and is due on February 1. Even if an owner no longer owns property in the city, the form must be filed listing no property. If the form is not filed by February 1, the City Assessor’s office will estimate the value of personal property based on the statements filed by other similar businesses.
See the Statement and Instructions on Page 5 of the current Personal Property Statement and also MCL 211.8 and 211.9 of the General Property Tax Act The Michigan Department of Treasury’s website for all Real and Personal Property Statements to properly fill out this statement. Links below.
Failure to return a Personal Property Statement or returning an uncompleted statement will require the Assessor to estimate the assessment of your personal property and possibly audit your account. Also, failure to file this form by its due date can jeopardize your appeal rights with the State Tax Commission and/or Michigan Tax Tribunal.
If a business has removed all of the personal property, formerly in your possession, from this assessing unit before tax day, December 31, they still must sign and return the form with a declaration of why no assessable property exists.
If your business has assessable personal property in the City of Trenton on tax day, December 31, you must submit a completed Form L-4175 to the assessor of the community where the property is located by the statutory due date, even if the assessor does not send you a form to complete. If you are a new business or new to Trenton and need guidance, please contact the Assessor’s Office and/or your accountant for assistance.