Deadline Approaching for Personal Property Tax Savings

It is time once again to remind local businesses of upcoming deadlines to file for Personal Property Tax exemptions approved by state voters last August.

The Northern Michigan Chamber Alliance worked diligently to win voter approval of the elimination of the Personal Property Tax on small business. Under the exemption, businesses that own, lease or possess commercial and industrial personal property such as computers, vehicles, office furniture, machinery and related equipment with a market value less than $80,000 can eliminate their personal property tax bill liability. However, to receive the exemption businesses must each year file MI Treasury Form 5076 with their local assessing offices by Tuesday, Feb. 10, 2015. You can link to the affidavit form here.

Unlike 2014 in the first year of the changes, local assessors will not be accepting exemption forms through the March Board of Review. Therefore, it is critical to file the exemptions form by the Feb. 10^th deadline.

Further questions about personal property taxes and the exemption form should be directed to the assessing office of the city or township where the personal property is located.

Below are some other web resources the may be of assistance:

State of Michigan PPT Exemption webpage: http://www.michigan.gov/taxes/0,4676,7-238-43535_43537_43943-316719–,00.html 

City of Traverse City Assessors Office: http://www.traversecitymi.gov/assessor.asp