Form L-4175 (632) Personal Property Statement - Michigan

What Is Form L-4175 (632)?

This is a legal form that was released by the Michigan Department of Treasury - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form L-4175?
A: Form L-4175 is the Personal Property Statement used in Michigan.

Q: Who needs to fill out Form L-4175?
A: Businesses in Michigan that own personal property exceeding $80,000 in true cash value need to fill out this form.

Q: What is personal property?
A: Personal property includes items such as furniture, equipment, machinery, fixtures, and leasehold improvements.

Q: What is true cash value?
A: True cash value is the usual selling price at the place where the property to which the term is applied is at the time of assessment.

Q: When is Form L-4175 due?
A: Form L-4175 is due by February 20th each year.

Q: Are there any penalties for late filing?
A: Yes, there are late filing penalties, which can be up to 25% of the taxes attributable to the personal property reported.

Q: What if there are changes to the personal property during the year?
A: Any changes to the personal property during the year should be reported promptly to the assessing officer using Form L-4175-V, the Personal Property Statement Change Report.

Q: Can Form L-4175 be filed electronically?
A: Yes, Form L-4175 can be filed electronically through the Michigan Department of Treasury's e-Registration system.