IVE HEARD THAT THE STATE OF MICHIGAN ENACTED A NEW LAW WHICH MEANS I COULD BE PAYING LOWER PERSONAL PROPERTY TAXES. WHAT IS THAT?
The State of Michigan enacted Public Acts 37, 38, 39 & 40 of 2007, which provide for the exemption of certain taxes, based on the classification of the personal property. For industrial classified personal property, those taxes exempted would be the 6 mill State Education Tax & up to 18 mills of local school district operating millage. On commercial classified property, the exemption would be up to 12 mills of local school district operating millage. Properties classified as utility personal did not change and continue to be charged at the non-homestead tax rates.
