Tony Sokol, President of Valu Tec, shares helpful suggestions each month.
October 9, 2017
PLANNING FOR LOWER PROPERTY TAXES IN 2018
Completing your company’s personal property return is a time-consuming process, if you want to get it done the right way. Rarely is it ever as simple as just “filling out a form” – especially if you want to make sure your company benefits from all of the changes Michigan has implemented in the past two years.
There is plenty of work you can complete before the deadline in February. By planning ahead, you can rest assured knowing your company is set up for success. We suggest beginning with these four steps:
- Verify that you are taking advantage of the manufacturing personal property tax phase-out which began in 2016.
- Contact your lessor(s), and ensure you both complete the necessary paperwork to claim your leased personal property under the lower tax rate mentioned in #1.
- Familiarize yourself with what qualifies as “Direct Integrated Support” as well as “Industrial Processing”.
- Use a skilled, professional property tax firm that has experience in this area, as a single parcel’s return can be composed of up to four separate forms.
It is never too early to schedule a consultation with Valu Tec, to ensure your company successfully navigates Michigan’s personal property phase-out to lower your property taxes in 2018.
Contact us today, and we can begin planning!