EXEMPT FIRST $10,000 OF PERSONAL PROPERTY
House Bill 4234
Sponsor: Rep. Glenn Steil, Jr.
Committee: Tax Policy
Complete to 4-7-03
A SUMMARY OF HOUSE BILL 4234 AS INTRODUCED 2-18-03
The bill would amend the General Property Tax Act to exempt $10,000 of the aggregate taxable value of the personal property as identified in the required personal property statement. The exemption could be claimed in each local tax collecting unit in which a required statement was submitted. The bill would apply to taxes levied after December 31, 2003.
Under Section 19 of the act, a local supervisor or assessor is required to have individuals and entities they believe have personal property in their possession and who are subject to the personal property tax make and sign a written statement of all the personal property. Under the bill, a person claiming the exemption would still have to submit the required statement even if the aggregate taxable value of personal property was $10,000 or less.
MCL 211.91
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This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.