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The Michigan Department of Treasury recently issued Bulletin 11 of 2013, highlighting the amendment to the existing industrial and commercial personal property tax laws.
For the 2014 tax filing season, the value of property that is exempt from personal property taxes increases from $40,000 to $80,000. Therefore, property owned by, leased by or in the possession of the owner or a related entity in each tax collecting unit with a combined true cash value of less than $80,000 will qualify to be exempt from property taxation.
In order to claim the exemption, the owner of the eligible personal property must annually file an affidavit (Form 5076) no later than February 10. The affidavit should be filed with the local tax collecting unit where the property is located. Once this affidavit is filed the owner is not required to file a personal property tax statement in that tax year.
To learn more about Michigan's personal property exemptions, please contact please contact your professional at UHY LLP in Farmington Hills at 248-355-1040 or in Sterling Heights at 586-254-1040.