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MI HB4338
Bill
Status
3/23/2023
Primary Sponsor
Alicia St. Germaine
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AI Summary
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Increases the combined true cash value threshold for the small business personal property tax exemption from $180,000 to $360,000 for industrial and commercial personal property.
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Applies the new $360,000 threshold to the exemption eligibility determination and the statement filing requirements for owners claiming the exemption.
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Changes language in subsection (5) from "Upon" to "On" in two instances regarding when assessors must remove exemptions upon discovering property is no longer eligible.
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Takes effect December 31, 2023.
Legislative Description
Property tax: personal property; small business personal property tax exemption; modify. Amends sec. 9o of 1893 PA 206 (MCL 211.9o).
Property tax: exemptions
Last Action
Bill Electronically Reproduced 03/23/2023
3/23/2023