We are pleased to report that, thanks to passage of House Bill 5261 last week, businesses with less than $80,000 in personal property that qualify for the small parcel personal property tax exemption will no longer have to file annually to receive the exemption.
HB 5261 (Tedder) will only require a taxpayer to file an exemption statement once with their local assessor. The taxpayer will not have to do anything else and be exempt from personal property taxes until they have over $80,000 in personal property. Once they go over this threshold, they will have to file a recession with the assessor and pay tax accordingly.
The Michigan Chamber brought this issue forward to alleviate the filing burden on Michigan’s smallest businesses. Governor Snyder is expected to sign the bill.
For more information, contact Dan Papineau at email@example.com.