Laws, Regulations & Annotations

PTLG Table of Contents > Property Tax Annotations > P > 630.0000 PERSONAL PROPERTY > 630.0030

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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P

630.0000 PERSONAL PROPERTY

Annotation 630.0030

630.0030 Retirement Systems. Personal property owned by retirement systems, other than governmental retirement systems, is taxable. Thus, personal property of union retirement systems, pension funds, and private retirement systems is taxable. And while personal property of banks and insurance companies is not taxable, if a bank or an insurance company sets up a separate corporation to operate its retirement system, the corporation's personal property is taxable. LTA 3/6/1978 (No. 78/34).