MI HB6052

Exempts eligible personal property from property tax collection beginning December 31, 2012.

Property owners must file an annual affidavit with their local tax collecting unit and Michigan Department of Treasury by May 1 each tax year to claim the exemption.

Exemption applies only to owners whose combined taxable value of industrial and commercial personal property is less than $40,000 in that tax collecting unit.

Owners claiming this exemption are not required to file a separate statement under section 19 of the General Property Tax Act in that tax year.

"Eligible personal property" is defined as industrial or commercial personal property meeting the $40,000 taxable value threshold.