In late 2012 state lawmakers changed the taxation of personal property impacting thousands of businesses in Michigan. Those companies, however, have to take steps to exempt eligible industrial and commercial personal property from taxation.
Affidavits to exempt commercial and industrial property with a true cash value up to $80,000 must be filed with local assessors by Feb. 10, 2014. Traverse City Deputy Assessor Dave Brown said many companies have filed the necessary paperwork, but he estimated this week that about half of those eligible businesses still need to file those affidavits by the Feb. 10 deadline.
More information on the eligible commercial and industrial personal property exemptions is available from the Traverse City Assessors office website by clicking here.
The affidavit exemption form is available by clicking here.