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1. Who must file a personal property statement?

Public Act No. 206 of 1893 of Michigan State law mandates that all businesses must annually file a declaration of personal property with the Assessor of the jurisdiction where the property is situated on December 31. All commercial and industrial businesses have the responsibility of filing a statement with the Assessor, whether a statement was mailed to them or not. If a business has no personal property which is assessable, they still must sign and return the form with a declaration of why no assessable property exists.

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2. Where do I file the personal property statement and when is it due?

The State of Michigan requires all commercial and industrial businesses to submit a personal property statement to the Assessor’s Office no later than February 20 each year. To ensure timely processing and correct valuation please turn these statements in as soon as possible. Asset listings with addresses of the property location(s), acquisition date and cost, asset category, and disposal lists are extremely helpful.

If your company closed prior to December 31 of the previous year, you must notify the Assessor’s office in writing prior to the March Board of Review or you may have an assessed and taxable value assigned to your account which will result in future tax bills.

3. What happens if a business fails to file a personal property statement?

If your declaration is not filed in a timely manner, an estimated personal property assessment will be determined and will be the basis for your tax bills. Failure to file this form may eliminate the business’ right to appeal the assessed and/or taxable value at the local or state level or file a correction with the State Tax Commission.

4. What if I moved out of the jurisdiction or went out of business as of December 31?

If a business has no personal property which is assessable, they still must sign and return the form prior to the March Board of Review with a declaration of why no assessable property exists.