MI HB5261

Exempts eligible personal property from tax collection beginning December 31, 2013, if the combined true cash value of all industrial and commercial personal property owned by the claimant or related entities is less than $80,000.

Requires owners to file exemption claims by February 20 of the first year claiming the exemption with their local tax collecting unit, with late filings allowed to the March board of review before adjournment.

Grants owners a 35-day appeal period to the Michigan tax tribunal if the March board of review denies their exemption claim.

Imposes an interest rate of 1% per month on additional taxes owed if property becomes ineligible and the owner fails to file a timely rescission, with interest accruing from the original tax due date.

Authorizes local units of government to audit exemption claims for the current and prior 3 calendar years, with assessments due within 35 days including interest.