Michigan’s industrial and industrial property homeowners face a levy on tangible belongings utilized in enterprise operations. This consists of equipment, tools, furnishings, and fixtures. As an illustration, a producing facility would pay primarily based on the worth of its meeting line robots, tooling, and workplace furnishings. Residential property is exempt.
This tax performs a big function in funding native authorities companies, together with faculties, libraries, and public security. Traditionally, it has been a cornerstone of municipal finance, permitting communities to put money into important infrastructure and preserve operational budgets. Its constant software goals to make sure equitable distribution of the monetary burden supporting important public companies throughout the state.