A new Michigan Personal Property Tax Exemption is in place which may allow your business personal property tax relief for 2014. The State legislature added the exemption to not only provide tax relief, but to make the filing less complicated. Small businesses that own, lease, or have possession of personal property with a total true cash value of less than $80,000 (assessed value less than $40,000), may request the property be exempt by filing an exemption affidavit (Form 5076) with their local unit of government. If you have property in more than one location, you can file separate affidavits or Personal Property Tax Statements for each locale.
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