CHICAGO — Gov. Rick Snyder is pushing a measure to eliminate or trim Michigan’s personal property tax, which could pressure localities that rely on the money for operating costs and debt repayment, according to the Senate Fiscal Agency and local government proponents.

Personal property tax is applied to equipment and machinery owned by commercial, industrial and utility businesses. It is distinct from the real property tax, which applies to land and generates most property tax revenue.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.