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Michigan Personal Property Tax Exemption

by Randy Davis and Cheri Bedwell, Dallas, January 2014

 

A new personal property tax exemption effective in 2014 will give some Michigan small businesses tax relief. The exemption is not automatic - taxpayers must file by February 10.

 

Exemption Q&A

 

  • Who Qualifies?

    Owners of commercial and industrial property with a combined true cash value less than $80,000 and an assessed value less than $40,000.

  • How Do I Get the Exemption?

    An Eligible Personal Property Tax Exemption Affidavit must be filed with your city or township by the February 10 deadline. POER routinely files all tax exemptions for our clients.

  • Must I Also File a Personal Property Statement?

    No. If you qualify for the exemption and file in a timely manner, you are not required to also file a personal property statement. However, you must still maintain books and records relating to the description, date of purchase or acquisition, purchase or lease price, and value of all industrial and commercial property for four years.

  • If the Exemption is Denied, Can I Appeal?

    Yes. If the assessor believes your property is ineligible, you will be notified of the reasons for the denial. You then have the right to appeal before the Board of Review. Failure to file an exemption on time does not qualify as a denial and cannot be appealed.