Industrial and commercial business taxpayers who own, lease or are in the possession of industrial or commercial personal property, with a true cash of value of less than $80,000, may seek an exemption and eliminate their 2014 personal property tax bill. To be eligible, businesses must file an Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes (Michigan Department of Treasury Form 5076) with their local assessor on or before February 10, 2014.

Businesses that qualify for the exemption by filing the affidavit on time are not required to file a Personal Property Statement.  However, they are required to maintain adequate books and records on the equipment.

The exemption form and additional information are available on the Michigan Department of Treasury website