MI HB4215

Increases the combined true cash value threshold for eligible personal property exemption from $80,000 to $100,000, effective for taxes levied after December 31, 2019.

Requires owners claiming the exemption to file a statement with their local tax collecting unit by February 20 of the first year claiming the exemption, with provisions for late filings to the March board of review.

Exempts owners from filing separate statements under section 19 if they properly claim the exemption under this section.

Allows local units of government to audit exemption claims for the current year and 3 preceding calendar years, with assessments due within 35 days and interest accruing at 1% per month.

Subjects owners to repayment of taxes plus 1% monthly interest and penalties if they fail to rescind the exemption when property becomes ineligible, or if they fraudulently claim the exemption.