Filing deadline for Personal Property Tax exemption is Feb. 10th
February 8, 2016
The Personal Property Tax (PPT) exemption filing deadline is Feb. 10, 2016.
Under the PPT exemption approved in 2012, businesses that own, lease or possess commercial and industrial personal property with a market value of less than $80,000 may eliminate their 2016 PPT bill. To be eligible, businesses must file the MI Treasury Form 5076 (Affidavit of Owner of Eligible Personal Property Claiming Exemption from Collection of Taxes) by Feb. 10.
As you may recall, lawmakers approved the exemption in 2012 because the PPT in effect double-taxes businesses on equipment such as computers, vehicles, desks and machinery, and is a disincentive to invest in Michigan. The exemption took effect Dec. 31, 2013 for the 2014 tax year. In August 2014, a statewide ballot proposal was passed and Personal Property Tax reform now remains in effect for 2015 forward.
Take advantage of this PPT exemption by filing your 5076 form with your local Assessor by Feb. 10.
For your convenience, I am providing you with a link to the 5076 form on the Michigan Department of Treasury website. Questions regarding this form should be directed to the assessor of the city or township where the personal property is located.