MI HB4554

Levies a state essential services assessment on eligible personal property beginning January 1, 2016, calculated based on acquisition cost and years since first acquisition.

Assessment rates are 2.4 mills for property acquired 1-5 years prior, 1.25 mills for 6-10 years prior, and 0.9 mills for property acquired more than 10 years prior.

Requires eligible claimants to submit completed assessment statements and full payment to the Department of Treasury by August 15 annually, with 1% weekly penalties (up to 5%) for late payments.

Provides that failure to pay by October 15 results in rescission of property tax exemptions under sections 9m, 9n, or 9f of the General Property Tax Act and issuance of amended tax bills for unpaid taxes.

Establishes appeal rights to the State Tax Commission within specified timeframes and requires claimants to provide audit access to books and records for three years preceding the filing year.