![]() ![]() Eligible Manufacturing Personal Property Exemptionīeginning Decem(for the 2016 assessment year), the Eligible Manufacturing Personal Property Exemption was created. New for 2023 personal property valued at $80,000 or more but less than $180,000 is eligible for the small business exemption, however, form 5076 (Small Business Exemption) along Form 632 (Personal Property Statement) must be filed with the Assessing Office. Taxpayers are required to maintain books and records for four years after filing an affidavit claiming the exemption penalties apply for fraudulent exemption claims. Property owners who file this affidavit are not required to file a Personal Property Statement. Once filed, i t is no longer necessary to file every year unless the true cash value of the company exceeds $80,000. To claim this exemption, the business must file Form 5076 ,Small Business Property Tax Exemption Claim Under MCL 211.9o (PDF) with the Assessing Department no later than February 20th of each year. ![]() The exemption is only for commercial and industrial personal property. This exemption has become known informally as the "small taxpayer" exemption. Starting with the 2014 assessment year, an exemption was created for the personal property owned by businesses if the true cash value of the personal property owned, leased, or possessed by the business or a related party is less than $80,000 within the assessment jurisdiction. Personal property used by businesses has been subject to taxation in Michigan.
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