Michigan Personal Property Tax Changes for 2014
Sterling Heights, MI (PRWEB) January 09, 2014 -- The Michigan Department of Treasury recently issued Bulletin 11 of 2013, highlighting the amendment to the existing industrial and commercial personal property tax laws.
For the 2014 tax filing season, the value of property that is exempt from personal property taxes increases from $40,000 to $80,000. Therefore, property owned by, leased by or in the possession of the owner or a related entity in each tax collecting unit with a combined true cash value of less than $80,000 will qualify to be exempt from property taxation.
In order to claim the exemption, the owner of the eligible personal property must annually file an affidavit (Form 5076) no later than February 10. The affidavit should be filed with the local tax collecting unit where the property is located. Once this affidavit is filed the owner is not required to file a personal property tax statement in that tax year.
To learn more about Michigan's personal property exemptions, please contact your professional at UHY LLP in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the web at http://www.uhy-us.com.
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About UHY Advisors
UHY Advisors provides tax and consulting services to a variety of sectors. UHY LLP, a licensed CPA firm, provides audit and other attest services to public and private companies. UHY Advisors FLVS provides forensic, valuation, intellectual property, electronic discovery and international arbitration services to law firms and their clients. Many of these services grew from client business needs and their requests for assistance in a variety of areas of expertise.
UHY Advisors, operating in an alternative practice structure with UHY LLP, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service.” To learn more, visit http://www.uhy-us.com.
All of the above entities are members of UHY International, a global network of independent professional services firms that provide audit, tax and consulting services around the world. UHY International member firms comprise one of the top international accounting networks in the world. As a member firm, we provide our clients with resources in business centers strategically located around the globe. We are an active member in this organization with significant participation that brings the power of an international network to bear for our clients.
UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.
Shannon Gnesda, UHY LLP, +1 5868432637, [email protected]
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