MI HB4555

Levies an alternative state essential services assessment on eligible personal property beginning January 1, 2016, at 50% of the mills levied under the standard state essential services assessment, with rates varying by property age (1-5 years, 6-10 years, and 10+ years).

Requires eligible claimants to submit electronically completed assessment statements and full payment to the Department of Treasury by August 15 each year, with a 1% per week penalty (capped at 5%) for late payments, and a waiver of penalties for first-year filers paying by September 15.

Authorizes the state tax commission to rescind property tax exemptions for claimants who fail to pay the assessment and penalty by October 15 or whose property is determined ineligible, with rescission orders issued by the first Monday in December.

Allows claimants to appeal assessments to the state tax commission by December 31 and to the Michigan Tax Tribunal within 35 days of determination.

Grants the Department of Treasury authority to audit statements and related books and records for the current year and preceding 3 years, with audit assessments due within 35 days and subject to penalties and interest under the general property tax act.