Personal Property Document With No Intrinsic Value Called In Michigan
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FAQ
Form L-4175 is used for the purpose of obtaining a statement of assessable personal property for use in making a personal property assessment. Michigan law provides that the assessor must send form L-4175 to any person or entity that may possess assessable personal property.
Personal property can be broken down into two categories: chattels and intangibles. Chattels refers to all type of property. Often, individuals use it regarding the tangible property such as a purse or clothing. Some chattels are attached to land and can become a part of real property, which are known as fixtures.
Personal Property consists of many items. A few items included are: furniture, fixtures, machinery, equipment, office equipment, computer equipment and signs. Contact the local Assessor's Office if you have a question whether an item qualifies as personal property.
The Michigan Constitution provides for the assessment of all real and tangible personal property not exempted by law. Tangible personal property is defined as tangible property that is not real estate.
To claim this exemption, the business must file Form 5076, Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes.
Long-term Resident Senior Exemption The property must qualify for a homestead exemption. At least one homeowner must be 65 years old as of January 1. Total 'Household Adjusted Gross Income' for everyone who lives on the property cannot exceed statutory limits. (See Valuation and Income Limits above.)
Michigan uses a decentralized property tax assessment process to assess most personal property, including the personal property of wireless service providers.
In Michigan, a home's assessed value, in theory, should be approximately 50% of the estimated market value. Local assessors calculate how much your home is worth in the open market by using the “comparative sales” method to value your home. That number is then divided by two to reach the assessed value.
Tax information can be obtained from the Treasurer's Office either by parcel number, address, or owner name. Taxpayers can access tax amounts and taxable values to be used in preparing federal and state tax returns by viewing the information online, visiting the Treasurer's Office, or by phoning 734-722-2000.