Michigan Precious Metals Tax Information
The state of Michigan requires the collection of sales taxes on certain products sold by APMEX and delivered to a Michigan address.
Please note: The below is not a comprehensive description of sales tax laws and requirements in the state of Michigan. It is only intended to provide the reader with a brief overview of those sales tax laws and requirements currently in effect in the state of Michigan that relate to the reader’s transactions with APMEX.
What Precious Metals Are Taxed?
Taxes must be collected on Copper products, certain bullion items less than .90 fine, non-investment coins and currency, certain Palladium products, accessory items and processed items. All other products sold by APMEX are exempt from these taxes.
Taxable Products in Michigan
The following definitions apply to products on which these taxes must be collected in Michigan:
- Non-Investment Coins. Any coins that do not have a value greater than their face value.
- Currency. Money issued by a sovereign government in any paper form as a medium of exchange.
- Accessory Items. Items such as holders, tubes or coin flips.
- Processed Items. Precious Metals that have been processed by third parties into items valued on more than their Precious Metal content, such as jewelry, statues or colorized coins.
How Does Michigan Calculate Precious Metals Taxes?
Sales taxes in Michigan are calculated at checkout on the APMEX website based on (1) the taxability of products sold by APMEX in Michigan set forth above and (2) the specific tax rates established by the taxing jurisdiction of the delivery address in Michigan.APMEX began collecting sales taxes in Michigan in October 2018.