By ALEX MITCHELL
Capital News Service
LANSING—With Gov. Rick Snyder planning to propose reforms to Michigan’s personal property tax this month, many counties and businesses are speculating about potential ways to replace lost revenue. Businesses pay personal property tax on their equipment. Critics say the tax discourages businesses from growing because they pay more as they invest in equipment. But local governments are worried because the tax accounts for anywhere from 3 percent to 27 percent of revenue for Michigan counties. “We won’t be proposing to totally do away with personal property taxes but to both change the way the system works and get rid of certain classifications of personal property taxes that do the most harm to Michigan,” Lt. Gov. Brian Calley said.