The time to file the 2023 Michigan Personal Property Tax Returns is just around the corner. After ten years of phasing out the industrial personal property tax, the time has finally come when industrial taxpayer’s assessments are handled entirely by the State. The format for reporting industrial property that qualifies as EMPP remains the same as in previous years. Form 5278 for Eligible Manufacturing Personal Property Tax Exemption Claim, and Report of Fair Market Value of Qualified New and Previously Existing Personal Property must be postmarked no later than February 21, 2023. The process for reporting on Form 5278 remains unchanged. However, once Form 5278 has been filed in 2023, no additional annual filing is required beginning in 2024 unless there is a change to the status of the EMPP. The Essential Services Assessment from the 2023 tax year will roll forward to 2024 and any cost changes can be updated by the taxpayer directly through the Michigan Treasury Online system. As in prior years, changes must be made, the costs certified and the ESA paid electronically by August 15th. Penalties for late certification and payment range from 3% to 27%.
For non-industrial taxpayers, Form L-4175: Personal Property Statement, is the required form to file. The format and filing requirements of Form L-4175 have not changed from the previous year and must be postmarked February 21, 2023 to be considered timely filed.
If you are unfamiliar with the Michigan property taxes process or would like assistance navigating the changes, we can help!