HB 5526 Summary

• Allows eligible local assessing districts and Next Michigan development corporations to exempt new personal property owned by eligible businesses from property tax collection through board-adopted resolutions.

• Establishes exemptions for qualified new and previously existing manufacturing personal property beginning December 31, 2015, requiring annual filings of combined documents with fair market value and acquisition year information by February 20 each year.

• Requires assessors to notify property owners by January 10 annually of available exemptions under sections 9m, 9n, and 9o, and to provide information about exemption forms and requirements.

• Permits the 2016 filing deadline extension to May 31, 2016 for owners who failed to file Form 5278 by February 22, 2016, with immediate assessment roll amendments if property qualifies.

• Authorizes board of review corrections for qualified errors including clerical errors, measurement errors, and exemption denial errors, with corrections allowed for current year and immediately preceding years (or up to 4 years for principal residence exemptions).