Michigan Laws 211.1055 – State essential services assessment; levy; calculation
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Terms Used In Michigan Laws 211.1055
- acquired by: means the year the property is first reported on the combined form as prescribed in section 7(8) in the report of the fair market value and year of acquisition by the first owner of qualified new personal property or qualified previously existing personal property. See Michigan Laws 211.1053
- acquisition cost: means that term as defined in subparagraph (i), as follows:
(i) "Acquisition cost" means the fair market value of personal property at the time of acquisition by the first owner, including the cost of freight, sales tax, and installation, and other capitalized costs, except capitalized interest. See Michigan Laws 211.1053Assessment: means the state essential services assessment levied under section 5. See Michigan Laws 211.1053 Assessment year: means the year in which the state essential services assessment levied under section 5 is due. See Michigan Laws 211.1053 Eligible claimant: means a person that claims an exemption for eligible personal property. See Michigan Laws 211.1053 Eligible personal property: means all of the following:
(i) Personal property exempt under section 9m or 9n of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.1053Personal property: All property that is not real property. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Beginning January 1, 2016, the state essential services assessment is levied on all eligible personal property as provided in this section.
(2) The assessment under this section is a state specific tax on the eligible personal property owned by, leased to, or in the possession of an eligible claimant on December 31 of the year immediately preceding the assessment year and shall be calculated as follows:
(a) For eligible personal property acquired by the first owner in a year 1 to 5 years before the assessment year, multiply the acquisition cost of the eligible personal property by 2.4 mills.
(b) For eligible personal property acquired by the first owner in a year 6 to 10 years before the assessment year, multiply the acquisition cost of the eligible personal property by 1.25 mills.
(c) For eligible personal property acquired by the first owner in a year more than 10 years before the assessment year, multiply the acquisition cost of the eligible personal property by 0.9 mills.