Bill > HB5878

This bill, effective 90 days after enactment and contingent on the passage of companion bills HB 5879 and HB 5880, amends "The general property tax act" to eliminate personal property taxes for most property starting January 1, 2027. Specifically, it introduces a new section (9q) that exempts personal property from taxation unless an exemption is already available under another section of the act; if an exemption exists elsewhere, it must be claimed there. To claim this new exemption, property owners must still file an annual statement of personal property with their local tax collecting unit, along with a separate statement to the Department of Treasury attesting that no other exemption applies and providing the amount of property tax paid in 2026. The bill also amends Section 19 to clarify that the personal property statement must be filed even if the property is exempt from taxes, and to require notices to taxpayers about available exemptions, including the new one under section 9q, and where to find information about them.