Effective December 31, 2013, business owners who own, lease, or possess industrial or commercial personal property with a combined true cash value under $80,000 are eligible to claim a complete tax exemption for the property. To take advantage of the exemption, business owners must file an affidavit with their local tax authorities by February 10. However, for 2014 only, if a person fails to timely file an affidavit to claim the exemption, that person may file an appeal with the March 2014 board of review to claim the exemption.
Those business owners claiming the exemption do not need to file a personal property statement. However, they must keep records of the property for four years and, upon request, must make those records available to their local assessor, the County Equalization Department or the Michigan Department of Treasury.
Use the link below to access the Michigan Department of Treasury Form 5076:
News and blog articles presented in this website are distributed for general information purposes only with the understanding that the author, publisher and distributor of articles is not rendering legal, accounting, or other professional advice or opinions on specific facts or matters and, accordingly, GGTM assumes no liability whatsoever in connection with the use of any article. Pursuant to applicable rules of professional conduct, this communication may constitute Attorney Advertising.