MI HB5351

Exempts eligible personal property from tax collection if combined true cash value of industrial and commercial property owned by the claimant or related entities is less than $180,000 in the local tax collecting unit as of December 31 of the preceding year.

Requires owners to claim exemption by filing a statement with the local tax collecting unit by February 20 of the first year, or before the March board of review if the deadline is missed, with late filings not accepted after the board's adjournment.

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

Requires property owners to file a rescission if property becomes ineligible for exemption by February 20, with penalties including repayment of additional taxes plus interest for failure to file.

Takes effect December 31, 2022.