HB 4214 Summary

• Allows owners of eligible personal property (industrial and commercial) valued under $80,000 to claim a tax exemption by filing a statement with their local tax collecting unit by February 20 of the first year the exemption is claimed.

• Permits late exemption claims to be filed directly with the March or July board of review before its final adjournment, with appeals to Michigan tax tribunal available within 35 days of denial.

• Enables property owners who missed the initial filing deadline to appeal for exemption in the immediately succeeding year, but only for the first year of eligibility.

• Requires owners claiming exemptions to maintain records and allow audits covering the current year and preceding 3 calendar years, with any assessment due within 35 days and subject to 1% monthly interest.

• Establishes that exemptions remain in effect until personal property no longer qualifies, requiring owners to file rescission notices by February 20 of the year property becomes ineligible, with penalties including interest and back taxes for those who fail to rescind.