Departments

Business Personal Property Tax

Personal property is defined as property that is not real property (i.e., is not land, buildings, etc.). Examples of personal property include - but are not limited to - furniture, equipment, display racks, machinery, computers and shelving. These examples of personal property are provided for illustrative purposes only; if you have a question whether property is personal property, please contact the Assessing Department.

Personal property used by businesses has been subject to taxation in Michigan. Effective for the 2014 assessment year, an exemption has been created for the personal property owned by businesses if the true cash value of the personal property owned, leased or possessed by a business or a related party is less than $80,000 within the assessment jurisdiction. This exemption has become known informally as the 'small taxpayers' exemption. The exemption is only for commercial and industrial personal property.

To claim this exemption, the business must file Form 5076 - Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes. This form must be filed with the Assessing Department by February 10, 2014. For 2014 only, if the property owner was eligible for the exemption, but did not timely file the required affidavit, the property owner can request the March Board of Review to grant the exemption. Property owners who timely file this affidavit are not required to file a 2014 Personal Property Statement. Should this exemption be extended to future years, it will be necessary for the property owner to file Form 5076 annually with the Assessing Department no later than February 10. Taxpayers are required to maintain books and records for four years after filing an affidavit claiming the exemption; penalties apply for fraudulent exemption claims.

 

Associated Documents

Personal property is defined as property that is not real property (i.e., is not land, buildings, etc.). Examples of personal property include - but are not limited to - furniture, equipment, display racks, machinery, computers and shelving. These examples of personal property are provided for illustrative purposes only; if you have a question whether property is personal property, please contact the Assessing Department.

Personal property used by businesses has been subject to taxation in Michigan. Effective for the 2014 assessment year, an exemption has been created for the personal property owned by businesses if the true cash value of the personal property owned, leased or possessed by a business or a related party is less than $80,000 within the assessment jurisdiction. This exemption has become known informally as the 'small taxpayers' exemption. The exemption is only for commercial and industrial personal property.

To claim this exemption, the business must file Form 5076 - Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes. This form must be filed with the Assessing Department by February 10, 2014. For 2014 only, if the property owner was eligible for the exemption, but did not timely file the required affidavit, the property owner can request the March Board of Review to grant the exemption. Property owners who timely file this affidavit are not required to file a 2014 Personal Property Statement. Should this exemption be extended to future years, it will be necessary for the property owner to file Form 5076 annually with the Assessing Department no later than February 10. Taxpayers are required to maintain books and records for four years after filing an affidavit claiming the exemption; penalties apply for fraudulent exemption claims.

 

Associated Documents

   
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