Assessing

Personal Property

The personal property of all entities in the State of Michigan is taxable unless specifically exempted by the Michigan General Property Tax Act. For more information, as well as personal property forms, refer to the Michigan Department of Treasury website.

2023 Small Business Taxpayer Personal Property Tax Exemption Changes

 Public Act 150 of 2021 was signed by the Governor on December 23, 2021. The Act amends the Small Business Taxpayer Personal Property Tax Exemption (MCL 211.9o) to increase the combined true cash value limit for “eligible personal property” in a local unit from $80,000 to $180,000 beginning in 2023.

 In order to claim an exemption for personal property valued less than $80,000, Form 5076 must be filed with the local unit (City or Township) where the personal property is located no later than February 20th (postmark is acceptable). Late filed forms may be filed directly with the local unit March Board of Review and must be filed with a completed Petition form L-4035.  Once the exemption is granted for personal property valued at less than $80,000, the taxpayer will continue to receive the exemption until they no longer qualify.  Once they no longer qualify, the taxpayer is required to file a rescission form and a personal property statement no later than February 20th of the year that the property is no longer eligible. Failure to file the rescission will result in significant penalty and interest as prescribed in MCL 211.9o.

In order to claim an exemption for personal property valued at $80,000 or more but less than $180,000, Form 5076 along with Form 632 Personal Property Statement must be filed ANNUALLY with the local unit (City or Township) where the personal property is located no later than February 20th (postmark is acceptable). Late filed forms may be filed directly with the local unit March Board of Review and must be filed with a completed Petition form L-4035.

All forms MUST be completed in its entirety in order to be accepted.