MI HB5503

Exempts qualified previously existing personal property from tax collection beginning December 31, 2015 and each year thereafter, with exemption remaining in effect until property no longer qualifies.

Requires combined filing document including exemption form, fair market value report, year of acquisition, and statement under section 19 (for years before 2023) delivered to township or city assessor by February 20 annually.

Allows late applications to March board of review if timely filing missed, with appeals to Michigan tax tribunal available within 35 days of denial.

Permits lessees and lessors to jointly elect that lessee report eligible manufacturing personal property on combined document instead of lessor reporting on personal property statement.

Requires property owners to file rescission form by February 20 when exempted property no longer qualifies, with failure to rescind resulting in repayment of additional taxes plus interest at 1% monthly and penalties.