It’s tax time for Michigan business

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While tax rates vary by location, Michigan’s property tax system provides automatic exemptions that effectively cut personal property taxes by 23% for commercial businesses and 65% for industrial businesses.

Additional property tax abatements available to Michigan businesses include:

  • Abatements up to 100% for rehabilitation projects
  • 100% new personal property exemptions available in specified communities with locally-negotiated abatements,
  • 50% abatements for up to twelve years on real and personal property for industrial processors and “high tech” companies
  • About 100 sites in tax-free Renaissance ZonesTM, which virtually eliminate general property taxes.

In Huron Township Local Development Finance Authority District 1 and 2 many other benefits are offered such as Access to low interest rates for fixed asset purchasing and capital financing. Class A Sewer and Water, Surface roads already placed in some parts of the LDFA.

Likewise, Smart Zone have been established in the region. In order to foster public/private technology transfer ventures, Public Act 248 of 2000 was passed in June 2000. This Act expanded the Local Development Finance Authority (LDFA) Act to allow the creation of up to 10 “Certified Technology Parks” also known as “SmartZones,” conceptually defined as high tech development enclaves that are eligible for expanded tax increment financing and specialized state funding.

Contact the LDFA to see how your company can benefit by relocating to the area. pamaclassic@chartermi.net or call 734-753-4466.

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