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Categorized | Tax Time

Deadline to file for new Michigan tax exemption is February 10

From Kent County Bureau of Equalization

 

There are new changes in Michigan’s Personal Property Tax beginning this year.

These changes exempt personal property from taxes under certain conditions. The Kent County Bureau of Equalization wants to be sure all property owners are aware of this new tax break, and that they file for exemption before a fast-approaching deadline.

A taxpayer who owns, leases, or has possession of personal property, with a total true cash value of less than $80,000, may request the property be exempt by filing an exemption affidavit (Form 5076) with the local unit of government. The affidavit must be filed by February 10 each year in order to obtain the exemption. If an affidavit is not timely filed, the property will not be exempted. Property owners who file the affidavit are not required to file the personal property statement as they have in the past.

“Businesses will want to pay special attention to their Personal Property Statements and other letters from their Assessor this year,” said Matt Woolford, Director of the Kent County Bureau of Equalization. “The majority of small businesses may find they are eligible to be exempted from paying personal property taxes. Like a homeowner, though, businesses will have to apply to their local assessor to receive an exemption. It is in every business owner’s interest to educate themselves on these new tax breaks. They should contact their local assessor to find out more how this law may apply to them.”

Along with the deadline, there are provisions that prevent property owners from dividing up their property among different entities to fall under the threshold. In addition, the law requires the property owner to maintain records demonstrating the value of their personal property and make those records available to the assessor on demand.

This is a significant change to the personal property tax law and property owners with questions are encouraged to contact their local Assessor’s office. For 2014 only, a taxpayer who misses the February 10 deadline may petition the March Board of Review to add the exemption; however, the Bureau of Equalization strongly recommends filing an exemption affidavit before the deadline.

The Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes (Form 5076) can be found at http://www.michigan.gov/documents/treasury/5076_439273_7.pdf or at your local Assessor’s office.

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