MI HB5545

Modifies the definition of "acquisition cost" for personal property subject to the alternative state essential services assessment, with special provisions for construction-in-progress property beginning in the 2017 assessment year, which shall be valued at 1/2 fair market value.

Requires eligible claimants to electronically certify completed assessment statements and make full payment by August 15 each year, with late payment penalties of 1% per week up to 5% maximum, waived for first-year filers who pay by September 15.

Establishes consequences for non-payment, including rescission of property tax exemptions by December and issuance of amended tax bills by local treasurers within 60 days of rescission.

Authorizes the department to audit statements for the current year and 3 preceding years, with assessments due within 35 days and subject to penalties and interest under existing property tax law.

Requires eligible claimants to file a combined document annually by February 20 that includes exemption claims, fair market value reports, and acquisition dates for all eligible personal property located in the state.