There have been many questions brought up on Michigan’s new Personal Property Tax laws. Do I need to file? Where do I file? Do I file form 5076 or 632? These are some of the questions that business owners have found themselves asking to stay in compliance with their taxing agency.
Who must file:
- If you are a newly established business owner
- Your business has over $80,000 in true cash value on all assets
- If you have ceased owning personal property in your taxing agency (you must file a final return)
(If) You must file which form do you file:
- Form 5076- your total assets for your business have a true cash value UNDER $80,000
- Form 632- your total assets for your business have a true cash value OVER $80,000
Who does not need to file:
- If your entity has been established and you have filed form 5076 last year
If you move your business location, you should notify your local assessor office no matter if you are required to file or not. You are also required to maintain and provide access to books and records for an audit purpose to your local taxing authority.
Please feel free to contact us with any questions!