The Chamber is monitoring two separate aspects to the Personal Property Tax issue – reminding local small businesses to take advantage of available tax savings this year, and working to assure that Michigan voters approve a ballot issue this August to permanently enact the tax code changes.
Under the current PPT exemption, businesses that own, lease or possess commercial and industrial properties such as computers, machinery, office furniture, vehicles and related equipment with a market value up to $80,000 may eliminate their personal property tax bill starting this year. The receive the exemption, businesses must file MI Treasury Form 5076 with their local assessing offices. The deadline for filing the exemption form was Feb. 10. However, for the 2014 tax year only, companies can still file the exemption form at their local March Board of Review sessions to earn the PPT waiver. Some local units will accept the exemption forms up to and through the Board of Review sessions. To link to the needed exemption form, click here.
These Personal Property Tax exemptions can add to significant savings for commercial businesses. For example, a company in Traverse City with $50,000 worth of personal property would trim more than $330 from its city property tax bill by filing the exemption.
But local assessors report that scores of local businesses still haven’t filed for exemptions. Despite a steep influx of filings in recent weeks, officials with the Traverse City assessors’ office estimated that as of late last week there were still more than 300 eligible taxpayers that hadn’t filed PPT exemptions. Garfield Township officials said there were still more than 120 eligible businesses still without a PPT exemption.
In Grand Traverse County, local Board of Review sessions begin next week. In Traverse City, the Board of Review will be in session on Monday, March 10, from 9 a.m. – 3 p.m. and on Tuesday, March 11, from 3 – 9 p.m.
Other scheduled Board of Review sessions include:
- Garfield Township: March 10 from 9 a.m. – 4 p.m. and March 12 from 2 – 9 p.m.
- Easy Bay Township: March 10 from 9 a.m. – noon and 1 – 4 p.m. and March 11 from 2- 5 p.m. and 6 – 9 p.m.
- Blair Township: March 10 from 1 – 5 p.m. and 6 – 9 p.m. and March 11 from 2 – 5 p.m. and 6 – 9 p.m.
- Acme Township: March 12 from 9 a.m. – 3 p.m. and March 13 from 3 – 9 p.m.
- Green Lake Township: March 10 from 9 a.m. – 1 p.m., March 11 from 4 – 9 p.m. and March 12 from 9 a.m. – noon.
Information on other Board of Review sessions is available by contacting Bill O’Brien of the Chamber staff at 995-7104.
The Chamber’s Government Relations Committee also took part in a conference call last week with Tricia Kinley of the Michigan Chamber of Commerce to discuss the Aug. 5 ballot issue needed to make the changes to the Personal Property Tax permanent in state law. The committee recommended that the Traverse City Area Chamber Board of Directors endorse a resolution of support for the ballot issue, which the board will take up on March 11.
Watch next week’s Chamber Bulletin for an update on the ballot issue and pending state legislation to replace some of the local government revenue impacted by the PPT reductions.