Affects Businesses in Leelanau County / Glen Arbor Township as well:
It is time once again to remind local businesses of upcoming deadlines to file for Personal Property Tax exemptions approved by state voters last August.
The Traverse City Area Chamber of Commerce and its partners at the Northern Michigan Chamber Alliance worked diligently to win voter approval of the elimination of the Personal Property Tax on small business. Under the exemption, businesses that own, lease or possess commercial and industrial personal property such as computers, vehicles, office furniture, machinery and related equipment with a market value less than $80,000 can eliminate their personal property tax bill liability. However, to receive the exemption businesses must each year file MI Treasury Form 5076 with their local assessing offices by Tuesday, Feb. 10, 2015. You can link to the affidavit form here
Unlike 2014 in the first year of the changes, local assessors will not be accepting exemption forms through the March Board of Review. Therefore, it’s critical to file the exemptions forms by the Feb. 10th deadline.
Further questions about personal property taxes and the exemption form should be directed to the assessing office of the city or township where the personal property is located. The City of Traverse City Assessor’s Office has additional information available on its website: