Michigan’s industrial and industrial property house owners face a levy on tangible property utilized in enterprise operations. This contains equipment, tools, furnishings, and fixtures. As an illustration, a producing facility would pay based mostly on the worth of its meeting line robots, tooling, and workplace furnishings. Residential property is exempt.
This tax performs a big position in funding native authorities providers, together with colleges, libraries, and public security. Traditionally, it has been a cornerstone of municipal finance, permitting communities to spend money on important infrastructure and keep operational budgets. Its constant utility goals to make sure equitable distribution of the monetary burden supporting very important public providers throughout the state.