Personal Property and Small Taxpayer Exemption Forms

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 the business or a related party is less than $80,000 within the assessment jurisdiction.  This exemption has become known informally as the "small taxpayer" 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, each year.  Property owners who timely file this affidavit are not required to file a Personal Property Statement.   It is 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.

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